Industry 4.0 (I4.0) implies a group of technologies, organizational concepts and management principles to improve the performance of manufacturing companies or supply chains driven by production cost optimization, mass customization requirements, connectivity and digitization of factories. The purpose of this paper is to relate Iberian Peninsula advances in I4.0 from Spanish and Portuguese research works published in CJOR papers. Hence this paper reviews the Spanish and Portuguese operations research (OR) and industrial engineering-based papers published in CJOR from 2011, when the I4.0 concept emerged, to the present-day. Here 47 papers are reviewed according to classification criteria based on the following elements: (1) objectives; (2) application context; (3) modeling approach; (4) development or software tool; (5) I4.0 technologies. The main outcomes, limitations and further research are also identified for recent papers. Finally, research trends and future directions in industrial engineering, OR and I4.0 are discussed.