Due to drawbacks of the percentage-based approach, velocity-based training was proposed as a method to better and more accurately prescribe training loads to increase general and specific performance. The purpose of this study was to perform a systematic review of the studies that show effects of velocity-based resistance training on strength and power performance in elite athletes. Electronic searches of computerized databases were performed according to a protocol that was agreed by all co-authors. Four databases—SportDiscus with Full Text and MEDLINE via EBSCO, SCOPUS, and Web of Science—were searched. Seven studies were found which researched the effects of velocity-based resistance training on athletes after a given training period. The analyzed studies suggest that applying velocity losses of 10–20% can help induce neuromuscular adaptations and reduce neuromuscular fatigue. Using velocity zones as part of a separate or combined (e.g., plyometric) training program can elicit adaptations in body composition and performance parameters. Moreover, velocity zones can be programmed using a periodized or non-periodized fixed velocity zones protocol. Lastly, obtaining instantaneous feedback during training is a more effective tool for increasing performance in sport-specific parameters, and should be used by sport practitioners to help keep athletes accountable for their performance.