This paper aims to explore the importance of COBIT 5 as a framework, in ensuring the effective “Governance of Enterprise Information Technology (GEIT)”, and to promote the understanding of the five COBIT 5 principles. A comprehensive literature review has also been performed taking into account a total of 56 research papers published in the last decade on COBIT. The data collected from these research papers was analyzed in order to identify various trends- commonalities, differences, themes, and the nature of study. The research papers have been categorized first on basis of their scope and secondly on their nature (empirical, conceptual or descriptive). Towards the end of the paper, we have provided an overview of our findings on the strengths and weaknesses of the research papers studied, and have made suggestions for future research.