With growing urbanization and increasing climate change-related concerns, green infrastructures (GIs) are recognized as promising solutions for mitigating various challenges and promoting sustainable development. Despite the important role of GIs, a comprehensive synthesis of the quantification of their full range of benefits and challenges is lacking in the current literature. To address this gap, a systematic literature review was conducted on the quantifiable environmental, economic, and social benefits and challenges of GIs. This paper followed the Preferred Reporting Items for Systematic Review (PRISMA) methodology, where 75 relevant articles were reviewed to present the various models and methods that could be used to quantify and assess the impacts of different GI types. The study further investigated existing knowledge trends and patterns, identified research gaps, and suggested future research directions. The results revealed that while existing research studies offer great insights into the impacts of GIs, a more holistic approach is necessary to balance the benefits and challenges of GIs. The findings also offered a comprehensive understanding of a wide range of environmental, economic, and social considerations of both natural and engineered GIs. Ultimately, the performed literature review serves as a comprehensive guide for researchers and practitioners and could be used in estimating and evaluating the benefits and challenges of GI plans and programs as well as in making informed decisions about GI projects.