Corporate Social Responsibility (CSR) is an important self-regulating business model that helps businesses to be accountable to their stakeholders. This paper reviews the role of CSR and its dimensions for businesses The study aims to fill a gap in the existing literature by covering six CSR dimensions which are business governance, community welfare, health and education, workforce, product and services, and environment and energy. These broader six dimensions of CSR are further discussed in detail highlighting the aspects of CSR. CSR is used as a tool to compete in the competitive market and gain benefits of proving to be socially responsible. The paper also examines the relationship between CSR and competitive advantage, weighing the concept of shared value.