Abstract The paradoxical findings in consumer choice research have captivated the interest of many scholars from diverse fields and transformed the understanding of consumer decision‐making. This paper is the first attempt to systematically review, synthesize, and integrate the paradoxical findings in consumer choice research. One of the first paradoxical findings was the violations of value maximation models of rational choice. The second important paradox in consumer choice research is the puzzling role of variety in consumer choices. We focus on these two critical paradoxes discovered in consumer choice literature over the last five decades and refer to them as the “paradox of rational choice” and the “paradox of variety.” We conducted a co‐citation cluster analysis to help identify the most significant studies in the domain. The cluster analysis helped eliminate the subjective bias in article selection. We also used inferential analysis to widen the scope of clusters to other relevant and especially recent studies. A review of 233 papers published between 1972 and 2023 reveals the four themes covering the two paradoxes of consumer choice. The first theme covers the first paradox: the paradox of rational choice. It presents research on preference reversals and other violations of value maximization rational choice models due to contextual factors and choice environment. The following three themes cover the second paradox of consumer choice: the paradox of variety. The second theme focuses on the benefits of variety and the natural desire of consumers to seek more variety. Paradoxically, the third theme highlights when and why variety will likely cause harmful psychological consequences for consumers. Finally, the last theme reconciles the opposing ideas of themes two and three by identifying the boundary conditions and suggesting ways to resolve this paradox. We also provide research directions that scholars can consider for future research related to each of these themes.
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