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The present study is an attempt towards identification, systematization and critical examination of the research literature on the concepts of cloud computing prevalent among the Library and Information professionals. The study is based on an exhaustive review of the published literature in the field of cloud computing and library and information science. For the review, a conceptual framework was developed in order to demarcate the flow of available information. Available strategies, models, frameworks and existing practises of adoption of cloud computing in library practises have been exclusively dealt. Based on the review the study proposes several gaps in the existing literature which needs to be worked out in the future researches. The study will provide a theoretical background for the study of cloud computing with a slant to library and information science discipline.