Globalization has added new dimensions to consumers’ decision-making. Consumer Ethnocentrism is among the critical variables affecting consumers’ decisions to purchase foreign products. Consumer Ethnocentrism research has gained momentum in the last few decades, and a copious amount of literature is available on this subject. This article presents an overview of Consumer Ethnocentrism literature and a compressive review of research work on the relationship between “Consumer Ethnocentrism” and “Product Evaluation” with critical insights from previous literature findings. There is a fractured opinion on the subject of whether Consumer Ethnocentrism leads to a lower quality evaluation of foreign products or whether consumer preference for the domestic product is purely out of a feeling that it is unfair to buy a foreign product. We also provided future research directions using TMC (Theory, Methodology, and Context) framework in line with earlier studies.