A key promise of agile software development (ASD) is to deliver business value. While research and practice indeed report multiple benefits resulting from the adoption of ASD methodologies, the bandwidth of the achievable business values is not well understood yet. To clarify the concept of ASD business value and provide a systematic perspective on its multidimensional nature, we present the results of a literature review, in which we investigated the attainable benefits when adopting ASD methodologies. The contribution of the paper is twofold. First, we provide a systematic overview of 43 distinct ASD business values, which includes prominent values such as increased productivity and less regarded values, for example improved business IT alignment. Using a conceptual lens based on Chow and Cao (2008), we furthermore relate the identified business values to the factors determining the success of ASD projects, thus proposing a novel model to explain ASD success.