Increasing system complexity has provided the impetus to develop new and novel systems engineering methodologies. One of these methodologies is set‐based design (SBD), a concurrent design methodology well suited for complex systems subject to significant uncertainty. Since the 1990s, numerous private, public, and defense sector design programs have successfully implemented SBD. However, concerns regarding SBD's complexity, tendency toward qualitative methods, and lack of quantitative tools have limited its use. To address these issues, our research surveys 122 refereed journal articles and conference papers to assess SBD's state‐of‐practice and identify relevant research opportunities. To accomplish these tasks, we perform a structured literature review to identify and assess relevant and influential research. We found that SBD's state‐of‐practice relies heavily upon decision and tradespace analysis with increasing emphasis on uncertainty modeling and MBSE. We found that the majority of SBD research consists of quantitative methodologies focusing on component and small system applications. We also found that complex system applications used mostly qualitative methodologies. We identify SBD research opportunities for requirements development, MBSE, uncertainty modeling, multiresolution modeling, adversarial analysis, and program management. Finally, we recommend the development of a comprehensive SBD methodology and toolkit, suited for complex system design across all stages of the product development life cycle.