Lesson Study (LS) is widely used in mathematics education to support teacher professional learning. However, little is known about its affordances for developing teachers’ modelling-specific pedagogical content knowledge (MsPCK) and learners’ modelling competencies (MMCs). This review addresses two research questions: (1) What affordances of LS for developing teachers’ MsPCK are reported in the literature? and (2) What affordances of LS for developing learners’ MMCs are reported? A structured database search covering 2006–2026 yielded 2,230 studies, of which 82 met the inclusion criteria. These were categorised into four tiers according to the degree of LS–mathematical modelling (MM) integration. A dual framework comprising four MsPCK dimensions and facets guided the analysis. The review identified 10 MsPCK and eight MMC affordance pathways associated with LS. Four affordance chains emerged: (1) collaborative planning through anticipatory scaffolding; (2) research lesson enactment, observation, and diagnosis of learner modelling blockages; (3) post-lesson reflection and lesson redesign; and (4) cumulative multi-cycle refinement supporting MMC development. An emergent finding was that technological pedagogical content knowledge (TPACK) may bridge teachers’ MsPCK and learners’ MMCs. The review further indicates that LS–MM implementation in African contexts may require a stronger role for the Knowledgeable Other and additional LS cycles to address contextual challenges. While mathematisation was commonly supported, validation and interpretation remained underdeveloped. Robust evidence of learners’ MMC development across successive LS cycles using validated modelling frameworks was limited. These findings extend understanding of how LS supports mathematical modelling and identify priorities for future research and teacher professional development.