Recent decades have witnessed increased number of studies focusing on digitalization and related capabilities. Across disciplines digitalization capability is viewed as a sources of sustained competiveness. Nonetheless, several issues related to conceptualizing digitalization capabilities remain ambivalent. The present study, uses co-citation analysis to clarify concept of digitalization capability and identify three underlining capabilities, namely digital integration capabilities, digital platform capabilities, and digital innovation capabilities, that represents micro-foundation of digitalization capabilities. Further, a capability-based model is developed which includes antecedents and consequences of digitalization capabilities in an integrated conceptual model. Suggestions for future research, theoretical contributions and managerial contributions are also presented.