Oral submucous fibrosis (OSMF) is a potentially premalignant oral lesion. The disorder is insidious and chronic in nature. It has the potential to transform into oral squamous cell carcinoma (OSCC), the rate at which it may happen is described by the term Malignant Transformation rate (MTR). Different studies in various populations have reported varying rates of malignant transformation for OSMF. This study aims to establish the malignant transformation rate of OSMF and to record associated risk factors. The search was performed using MeSH terms and keywords in electronic databases PubMed, Cochrane, Science Direct, and Google Scholar. Out of 190 articles obtained from the initial keyword search, 7 articles were chosen after applying the inclusion and exclusion criteria. The overall malignant transformation rate of OSMF was found to vary from 3.72 – 38.15 % across the 7 studies reviewed in this study with betel quid chewing being the associated risk factor favoring the transformation to oral cancer. The results revealed a higher malignant transformation rate compared to the frequently quoted values. Hence, clinicians need to manage such lesions with utmost care and must subject them to biopsy fo ruling out dysplasia/malignancy. The number of follow-up studies assessing the malignant transformation of OSMF, especially in the Indian population was scarce in the literature highlighting the need for more research in this area.