The productivity and flexibility of current manufacturing systems (dedicated and flexible production systems) are no longer competitive as products are developed and brought to market in increasingly shorter cycles. As a result, a new generation of reconfigurable manufacturing systems (RMS) has emerged that should be responsive enough to cope with sudden market changes while maintaining excellent product quality at low prices. These systems could also leverage technologies at the heart of Industry 4.0, such as artificial intelligence and machine learning, the Internet of Things (IoT), and digital twins, to create a smart, dynamic, and most importantly, reconfigurable factory, dubbed the Reconfigurable Factory 4.0. This study provides an organized and up-to-date systematic review of the literature on reconfigurable manufacturing systems, from design to simulation, and from automation to the fourth industrial revolution (Industry 4.0) highlighting the application areas as well as the significant approaches and technologies that have contributed to the development of a Reconfigurable Factory 4.0.