Research and Development (R&D) projects aim to either create new technologies or enhance existing products and services, acquiring new capabilities in the process. R&D projects are characterized by uncertainties in requirements, limited resources, and complexities and require specialized development processes tailored to address these challenges effectively. In this research, projects are classified as R&D if they involve research aimed at developing a new product, service, or technology. Projects that focus solely on research without resulting in a tangible outcome are excluded from this classification. The primary aim of this study is to identify various process or life cycle models specifically developed or adapted for R&D projects and to evaluate their applicability in addressing the unique challenges of such projects. To achieve this purpose, first we performed a systematic literature review to identify existing process models/life cycle models developed or adapted for R&D projects. We then assessed these process models based on predefined criteria using a 5-point Likert scale. By this way, we could evaluate their level of detail, completeness, correctness, and adaptability. Moreover, we could identify the strengths and weaknesses of the existing models and highlighted essential requirements of models specifically designed for R&D projects. It was found that the evaluated models have two key strengths: alignment with widely accepted process models and adaptability to other R&D projects. However, the primary weaknesses identified include the lack of a unique and cohesive terminology in models, and the insufficient level of detail provided in process models’ phase/activity/process descriptions.