The American Society of Clinical Oncology released its first Guidance Statement on Cost of Cancer Care in August 2009, affirming patient-physician cost communication was a critical component of high-quality care. This forward-thinking recommendation has grown increasingly important in oncology practice today as the high costs of cancer care impose tremendous financial burden to patients, their families, and the healthcare system. In this review article, we conducted a literature search using Pubmed and Web of Science to identify articles covering three topics related to patient-physician cost communication: patient attitude, physician acceptance, and the associated outcomes. We identified fifteen papers from twelve distinct studies. While the majority of articles we reviewed on patient attitude suggested cost communication is desired by more than half of patients in the respective study cohorts, less than one-third of patients in these studies had actually discussed costs with their physicians. The literature on physician acceptance indicated that while 75% of physicians considered discussing out-of-pocket costs with patients their responsibility, less than 30% felt comfortable with such communication. When asked about whether cost communication actually took place in their practice, percentages reported by physicians varied widely, ranging from < 10% to > 60%. The data suggested that cost communication was associated with improved patient satisfaction, lower out-of-pocket expenses and a higher likelihood of medication non-adherence; none of these studies established causality. Both patients and physicians expressed a strong need for accurate, accessible, and transparent cost information.