This study aims to analyse the academic literature covering the period 2016-2025 on the Arbitrage Pricing Theory, one of the fundamental theories of finance, from a bibliometric perspective. This literature, which plays a critical role in defining risk factors and understanding asset pricing dynamics in modern portfolio management, has undergone a methodological and conceptual transformation, particularly in the last decade. In this study, bibliographic data from 175 articles obtained from the Web of Science database were examined using the R-based Bibliometrix bibliometric analysis software in terms of citation analysis, co-author networks, thematic mapping, and trending topics. Strategic diagrams obtained through Bibliometrix software demonstrate that studies examining the heterogeneous effects of macroeconomic factors such as oil and exchange rates on a sectoral basis are among the “driving themes”. This bibliometric analysis maps the intellectual structure of APT literature, providing researchers and portfolio managers with an objective roadmap for future areas of study. Within the WOS index, the highest number of articles on Arbitrage Pricing Theory in the last 10 years was published in 2018, with 2025 being the second most studied year in the last 10 years. The highest average number of citations per year was made to articles published in 2016. The highest number of studies related to the subject were published in the International Journal of Theoretical and Applied Finance. Robert A. Jarrow is the author with the most publications, with four articles. Cornell University is the institution that produced the most articles. The majority of the corresponding authors of the articles are based in the United States, and when the articles are classified by country, the United States is also the country with the most citations. According to Bibliometrix thematic map results, while APT literature stabilises around driving themes such as “Asset Pricing” and “Risk”, “Bayesian” approaches and “Machine Learning” techniques stand out as niche but deeply developing areas of expertise. The inclusion of COVID-19 among the “Core Themes” in particular confirms that the pandemic has become a permanent parameter of analysis in asset pricing studies.