The rise of “cloud-computing, mobile-Internet, Internet of things, big-data, and smart-data” digital technology has brought a subversive revolution to enterprises and consumers’ traditional patterns. Product research and development has become the main battlefield of enterprise competition, facing an environment where challenges and opportunities coexist. Regarding the concepts and methods of product R&D projects, the domestic start was later than the international ones, and many domestic companies have also used successful foreign cases as benchmarks to innovate their management methods in practice. “Workers must first sharpen their tools if they want to do their jobs well”. This article will start from the relevant concepts of product R&D projects and summarize current R&D management ideas and methods. We combined the bibliometric analysis software Histcite and Citespace to sort out the content of domestic and foreign literature and explore the changing trends of research hotspots. Finally, combined with the analysis of confirmed cases in domestic masters and doctoral dissertations to test the theory, the literature review of the product R&D project management theme was carried out from the dual perspectives of comprehensive theory and practice. This study uses the core collection library of Web of Science as the object of document extraction. Based on the search conditions of “Product development” or “Intergrat* product development”, 8998 sample documents were initially retrieved. The search deadline was June 2019, with a time range from 2000 to June 2019. Then, using the record number of 50 as the critical condition, 5007 analysis samples were deleted, refined, and cleaned. Through the review and measurement of 5007 papers, the analysis showed that: (1) in the last ten years, sustainability, consumer focus, new approaches to product development management, and organizational design have become critical considerations in the product development process stage; (2) at this stage, researchers are paying more attention to the innovation, design, product development, identification, simultaneous engineering, consequence, and stage/gate model aspects of product development; and (3) factors such as long development cycles, high costs, and poor organizational design are now common problems in the product development process.