Control contestation refers to the process in which participants in the capital market employ various means to obtain corporate control to influence strategic decisions and major corporate matters for greater benefit. Following a logical structure of “motivations for contestation-methods of contestation-rights allocation”, this paper systematically reviews the development trajectory and latest advancements in research related to control contestation. It first introduces the reasons why various stakeholders in listed companies trigger control contests. Subsequently, it elaborates on how stakeholders such as founders, controlling shareholders, and professional managers participate in these contests. Then, it discusses how control rights can be reasonably allocated and outlines the necessary measures and arrangements. Finally, this paper analyzes the current state of research on control contestation and provides an outlook for future studies.