Biodiversity loss has intensified in significant ways in recent years, with human activities identified as the primary cause. The loss of biodiversity has far-reaching consequences, as it is the fundamental basis for human life and business operations by providing precious natural resources. However, research that provides a detailed overview of companies implementing biodiversity management and reporting is still missing. For this reason, this paper carries out a systematic review across sectors and regions to determine which factors motivate companies to implement biodiversity management and reporting, which measures are used for this purpose, and which challenges arise. This paper identified external drivers, such as maintaining social acceptance and ensuring competitiveness, which are predominantly found as essential factors. Although some measures, such as stakeholder collaboration and the use of certifications, have been researched and are applicable, companies oftentimes lack the external pressure from agreed policies and regulations to take effective action. Furthermore, the findings provide evidence that companies face several challenges in implementing biodiversity actions. Significant barriers include understanding the complex nature of biodiversity and lack of resources due to high costs and time. This paper concludes that only a small number of companies have invested in biodiversity conservation to date and calls for further research and practical actions in this field.