Academic interest in adventure tourism has increased in recent years given the exponential growth of this sector. Physical outdoor activity-based conceptualisations of adventure tourism - from soft adventure (hiking, snorkelling, etc.) to hard adventure (rock climbing, wilderness trekking, etc.) – are commonly employed, but are criticised as overly simplistic and failing to capture the essence of adventure tourism. A systematic review of the adventure tourism literature aimed to address these concerns and resulted in a new conceptualisation of adventure tourism and its dimensions that offers a more comprehensive and sophisticated understanding of this tourism activity. Of the 22 dimensions of adventure tourism identified, risk and danger, the natural environment, thrill and excitement, challenge, and physical activity are at its core. Consumer-based, product-based and hybrid pillars of adventure tourism are also evident. Theoretical anchors to differentiate adventure tourism from other forms of tourism are presented.