Lean thinking, today, has impacted not only manufacturing but also many other areas such as logistics, healthcare, accounting and product development. Among these, product development possess highest potential impact on an organizations’ success and survival. The topic of this study is lean product development which can be expressed as application of lean tools and basic principles to the field of product development to eliminate waste and establish flow. Lean product development will be discussed based on Toyota Product Development Principles and a systematic review of these principles will be provided. All peer-reviewed publications within reach, plus a set of selected conference proceedings and dissertations are analyzed and any piece of evidence that argues any lean product development principle is reported through a systematic review. In addition to principles, systematic review is also performed for selected lean product development tools. Based on findings, a list of possible research areas are provided that may function road map for researchers.