Kolb’s experiential learning cycle is perhaps the most scholarly influential and cited model regarding experiential learning theory. However, a key issue in interpreting Kolb’s model concerns a lack of clarity regarding what constitutes a concrete experience, exactly. A systematic literature review was conducted in order to examine: what constitutes a concrete experience and what is the nature of treatment of a concrete experience in experiential learning? The analysis revealed five themes: learners are involved, active, participants; knowledge is situated in place and time; learners are exposed to novel experiences, which involves risk; learning demands inquiry to specific real-world problems; and critical reflection acts as a mediator of meaningful learning. Accordingly, a revision to Kolb’s model is proposed: experiential learning consists of contextually rich concrete experience, critical reflective observation, contextual-specific abstract conceptualization, and pragmatic active experimentation. Further empirical studies are required to test the model proposed.