Given the crucial role of process modeling in product development (PD) project management research and practice, and the variety of models proposed in the literature, a survey of the PD process modeling literature is timely and valuable. In this work, we focus on the activity network‐based process models that support PD project management and present a comprehensive survey of the literature published in the last decade. To organize our survey, we use a framework based on the purposes of PD process models: project visualization, project planning, project control, and project development. For each purpose, we provide an overview of the relevant models, highlight their key assumptions and findings, synthesize key insights, and illuminate avenues for further research. Although the survey reveals many insights and opportunities, five major areas for future study became apparent: activity interactions, global process improvements, process models as an organizing structure for knowledge management, modeling in cases of uncertainty and ambiguity, and determining the optimum amount of process prescription and structure for an innovative project.