Variable　Message　Sign　(VMS)　has　been　broadly　implemented　to　spread　roadway　and　traffic　guidance　information　dynamically　so　as　help　to　promote　rational　distribution　of　traffic　flow　and　improve　traffic　safety.　However,　there　are　still　some　inconsistence　in　VMS　related　research　results　and　application　standard.　This　study　aims　to　provide　a　systematic　review　of　existing　researches　on　the　effectiveness　and　influence　mechanism　of　VMS　as　well　as　optimization　strategies　for　better　VMS　information　dissemination.　Individual　driver　behavior　and　road　operation　characteristics　were　the　two　main　aspects　in　discussing　the　VMS　information　effectiveness,　but　previous　researches　were　biased　towards　the　independent　analysis　of　these　two　dependent　variables.　Driver　characteristics,　trip　characteristics,　and　information　content　and　format　were　found　to　be　influential　on　the　guidance　results　of　VMS　information.　However,　most　researches　focused　on　exploring　which　factors　affecting　VMS　effectiveness　but　rather　analyzing　how　these　attributes　influenced　drivers’　decisions　and　behaviors.　In　addition,　abundant　research　results　on　the　VMS　information　dissemination　strategy　including　layout,　site　selection,　and　spatio-temporal　release　strategies　were　found.　There　was　still　lacking　of　optimization　strategies　that　considering　spatio-temporal　characteristics　sufficiently.　Therefore,　it　is　necessary　to　establish　the　complete　influence　chain　from　individual　to　group　effects　for　assessing　VMS　effectiveness　comprehensively,　explore　the　deeper　mechanisms　of　VMS　effectiveness　by　further　exploring　how　driver,　trip　and　message　attributes　affect　drivers’　decisions　and　behaviors,　and　develop　multi-objective　planning　model　to　seek　information　dissemination　strategy　by　considering　the　combined　effect　of　site　selection,　induction　cycle　and　other　factors.　Moreover,　it　is　urgent　to　explore　how　to　coordinate　VMS　with　in-vehicle　navigation　or　mobile　feedback　terminals　in　order　to　better　travel　information　spreading　as　well　as　cost-effectiveness.　©　2024　Elsevier　Ltd