The privileges of integration with the global economy have led developing countries to embark on a path of liberalisation and globalisation. This resulted in rapid growth of inward and outward foreign direct investment from developing countries. In the last two decades there has been an increase in outward FDI from developing countries to both developed and developing countries. This study focuses on exploring the literature on outward FDI from developing countries, and internationalisation process of developing country multinationals which are considered to be carriers of investment across international borders. The study has examined two main strands of literature on outward FDI from developing countries – determinants of outward FDI and internationalisation process. It is important to investigate outward FDI flows from the major developing economies because of its sheer scope to contribute to academic literature, its policy implications, and also because of its potential to bring development to some of the most impoverished parts of the world.