Resent organizational and management scholars have greater attention to the studies on organizational status, regarding how it affects the performance of organizations and individuals. This paper aims to review and reorganize previous studies on organizational status and conduct research gaps that has not been fully examined in the previous studies. First, I examined the origins and historical backgrounds of the studies on organizational status. In addition, I state the definition of organizational status, regarding on the difference between organizational status and similar concepts, such as legitimacy and reputation. Second, I reorganize the function of status into three parts; signal, socio-psychological effect, expectation from audiences in society. In this part, I argue how those functions effects the behavior and performance in a certain situation. Third, I examine how dynamics of organizational status is affected by two factors: previous performance and social relationship. Finally, I examined the research gaps that has not been fully examined by looking back on the contributions and the limitations of the previous studies, and proposed the future directions of the study.