Video-Based Learning (VBL) has a long history in the educational design research. In the past decade, the interest in VBL has increased as a result of new forms of online education, such as flipped classrooms, and most prominently MOOCs. VBL has unique features that make it an effective Technology-Enhanced Learning (TEL) approach. This study critically analyzed the current research of VBL published in 2003-2013 to build a deep understanding on what are the educational benefits and effectiveness that VBL has on teaching and learning. 67 peer reviewed papers were selected in this review and categorized into four main dimensions, namely, effectiveness, teaching methods, design, and reflection. In the light of the discussion of current research in terms of these categories, we present the future vision and research opportunities of VBL that support self-organized and network learning. Keywords-Video-Based Learning; VBL; MOOC; Blended Learning; Video Design.