Portfolio management has become a strategic activity in response to increasing organizational complexity, requiring models capable of reconciling multiple criteria, limited resources, and uncertainty. In this context, Portfolio Decision Analysis (PDA) has emerged as a well-established field within Operations Research dedicated to supporting such decision-making processes. This study presents a systematic literature review conducted in accordance with the PRISMA protocol, aiming to analyze the evolution of mathematical models applied to portfolio management. The search resulted in a final sample of 152 articles published between 1994 and 2025. The findings reveal a significant increase in publications from 2014 onward, with applications predominantly concentrated in project management and new product development (NPD), and a predominance of financial and technical-operational decision criteria. The results also indicate a methodological transition from classical optimization techniques to hybrid approaches that integrate multicriteria decision-making methods, fuzzy logic, mathematical programming, and, more recently, machine learning. The main research gaps identified include the need for broader empirical validation, the expansion of applications to different contexts, and the development of new hybrid approaches. This study provides an integrated overview of the methodological evolution of Portfolio Decision Analysis, offering a valuable reference for future research.