This article studies theoretical material in the field of phraseology and terminology of business English, placing special emphasis on the variability of phraseological units and terms. The paper presents an analytical review of recent and relevant dissertations, monographs and research articles on business phraseology and terminology as well as variability thereof. The lexical composition of business language and the role of phraseological units in it are examined. The review lists a number of articles explaining the trend towards phraseologization of numerous terms used in business communication. Further, the paper studies current views on the structure of the meaning of the term and examines three main approaches to the definition of the term. Special attention is paid to the motivation of terms and lack of motivation of phraseological terms. The process of terms becoming phraseological units and vice versa is investigated, as well as the transfer of existing phraseological terms into a new phraseological-semantic field; terms describing these processes are considered. Further, the review mentions academic works looking into ways of enriching the terminology of modern business English with new phraseological terms, which include metaphorical and metonymic interpretations of the prototype. In addition, studies into phraseological variation are presented, analysing the concept of phraseological variant and its typological classifications; works on terminological variation are listed. The phenomenon of variation is considered in terms of both expression and content. The review of existing scholarly works confirms the need for further careful research into phraseological terms and their variants.