Project selection is a critical component of strategic management and organizational development, as it directly impacts resource allocation, risk management, and overall project success. This paper provides a comprehensive review of the literature on project selection criteria over the last two decades, spanning industries such as construction, healthcare, information technology, education, and manufacturing. This study identifies key factors influencing project selection, including financial metrics, resource optimization, risk management, and alignment with organizational strategy. Specifically, in the context of the corporate environment, such generic values as success measurement by financial indicators are still dominant, as opposed to such values as sustainability and corporate responsibility which have emerged as critical in the twenty-first century. Nevertheless, public sector tends to consider social objectives and legal requirements, which may apply multiple divisional goal. Lastly, the review provides some implications of the study on project selection and concludes that both the quantitative and qualitative methods should be adopted. This study provides valuable insights for practitioners and researchers by consolidating past approaches and identifying future trends. This study also suggests a more holistic approach to project selection, incorporating both traditional metrics and emerging priorities.