Purpose: Value of information (VOI) analysis is a novel systematic approach for assessing whether there is sufficient evidence to support regulatory approval of new technologies, estimating the value of additional research, informing trial design, and setting research priorities. This article reviews the use of VOI methods in oncology and identifies the potential applications of VOI in this field. Methods: A systematic literature search was undertaken to identify studies explicitly reporting VOI analyses for interventions directed at cancer management. Articles published from 2000 onward addressing prevention, screening, diagnosis, treatment, or symptom management in oncology were selected. Results: A total of 35 articles were included in the review; most were published after 2006. The main cancers addressed were breast (n = 10; 29%), prostate (n = 5; 14%), lung (n = 5; 14%), and colorectal (n = 3; 9%). The VOI analyses were of an applied nature in 31 studies (89%). In the applied studies, VOI was used to characterize decision uncertainty in all studies and to inform future research focus in 16 (52%). Additionally, one article (3%) addressed the value of optimal trial design, and one article (3%) reported the use of VOI methods to prioritize research. Conclusion: The application of VOI analysis in oncology is growing but remains limited. Benefits in oncology research and practice will potentially be optimized with an increase in the application of VOI methods to inform decision making, optimal trial design, and research prioritization in this field.