This study aims to review and synthesize the rapidly evolving literature on technology transfer from universities, and the concepts and models included in it, from a knowledge-flow approach to find the factors contributing to its performance. This article provides a perspective on recent work, focusing on empirical studies on technology transfer in universities conducted in the last 32 years from a knowledge-based vision. The study was carried out from a systematic literature review in the Scopus, Web of Science, ScienceDirect, and SpringerLink databases on 135 articles selected and evaluated by peers from critical surveillance factors such as technology transfer, knowledge flow, and university–industry relationship, among others. It was possible to identify 75 factors that, from a knowledge-based vision and specifically from a knowledge-flow approach, permit and contribute to the performance of technology transfer generated from research processes in universities. We classified studies into four categories according to their approaches, each with their dimensions and factors: management of knowledge, resources and capabilities, management of technological transfer, and the university–industry relationship. This classification permitted not only identification but also the systematization of the different factors and related authors that, from a knowledge-flow approach, contribute to the performance of technological transfers in universities, reflecting their efficiency and effectiveness. In this respect, absorption capacity and open innovation are topics which are worthy of exploration.