Information and communication technology is undergoing rapid development, and many disruptive technologies, such as cloud computing, Internet of Things, big data, and artificial intelligence, have emerged. These technologies are permeating the manufacturing industry and enable the fusion of physical and virtual worlds through cyber-physical systems (CPS), which mark the advent of the fourth stage of industrial production (i.e., Industry 4.0). The widespread application of CPS in manufacturing environments renders manufacturing systems increasingly smart. To advance research on the implementation of Industry 4.0, this study examines smart manufacturing systems for Industry 4.0. First, a conceptual framework of smart manufacturing systems for Industry 4.0 is presented. Second, demonstrative scenarios that pertain to smart design, smart machining, smart control, smart monitoring, and smart scheduling, are presented. Key technologies and their possible applications to Industry 4.0 smart manufacturing systems are reviewed based on these demonstrative scenarios. Finally, challenges and future perspectives are identified and discussed.