The purpose of this thesis is to provide taxonomy of risk management (RM) in new product development (NPD) research and, based on that, to develop a research agenda for this field of study. The review was based on a systematic review which not only concentrates peer reviewed journal papers but also conferences and a book chapter. A total of 58 academic sources have been retrieved published within the period of 1980-2012 and were classified into various purposeful themes. The review reveals that research on RM in NPD is mostly theoretical in nature and lacks empirical foundations. It also argues that while there has been written a lot on how risk should be managed in NPD process (prescriptive type), the other aspect of how risk is being managed (descriptive type) is not very well addressed. Based on this, various research gaps are identified from different developed themes. The review is limited in several ways. First, research cannot be regarded as complete or comprehensive literature review in the field of RM in NPD, although every effort has been made to include the articles relevant to review question. The themes selected for classification of articles could have been structured in many different ways. The research accomplishes an identified need for exhaustive classification of literature. It identifies discrepancies among theoretical and empirical knowledge and thus tries to bridge a gap between both types of knowledge