This study’s main objective is reviewing the scientific terminology used in connection and with regard to the shadow economy. In subsidiary, the current research establishes the most explored and researched subject areas in connection with shadow economy and it compares different terms and phrases used in research studies on shadow economy, underground economy and informal economy, as per the Web of Science database. To this extent, VOSviewer – a computer program that was developed for constructing and viewing bibliometric maps was used. The main finding was that, the terminology used with regard to the shadow economy revolves around terms and phrases such as: consumption, governance, financial crisis, crime, income inequality, informal economy, unemployment, inflation, tax evasion and others. The most researched subject areas in connection with shadow economy, based on the terms and phrases mapped are: the size and development of the shadow economy, the determinants of shadow economy, the cause and effect analysis, measurement methods and counteracting measures. Other aspects of the shadow economy that appeared to be heavily researched: tax evasion and informal entrepreneurship.