•Use of patient preferences in decision making is limited but gaining attention.•Some situations and decisions are more sensitive to patient preferences than others.•Patient centeredness in design, conduct and communication of results is key.•In method selection and instrument design many factors can affect validity.•Capturing preference heterogeneity greatly increases the value of patient preference studies. Industry, regulators, health technology assessment (HTA) bodies, and payers are exploring the use of patient preferences in their decision-making processes. In general, experience in conducting and assessing patient preference studies is limited. Here, we performed a systematic literature search and review to identify factors and situations influencing the value of patient preference studies, as well as applications throughout the medical product lifecyle. Factors and situations identified in 113 publications related to the organization, design, and conduct of studies, and to communication and use of results. Although current use of patient preferences is limited, we identified possible applications in discovery, clinical development, marketing authorization, HTA, and postmarketing phases. This study can inform different stakeholders on how to conduct, assess, and use patient preference studies and on when to include patient preference studies in development plans.