Information-communication technology (ICT) investments analysis using real options (ROs) has been a subject of active research during the last decade. It is a flexible method to value investment opportunities and to derive optimal timing of investments deployment taking into account uncertainties in future benefits and costs. We develop a framework for classifying the research on real ICT projects' evaluation using ROs. We analyse these projects with respect to three issues: the complexity of the ICT project; the ROs calculation method; the assumptions made. The ROs applicability on ICT projects has been successfully tested in a dozen real cases. The focus so far is on the evaluation of ICT investments that embed a single, apriori known option. Finally, we conclude and suggest directions for future research taking into account more complicated scenarios containing a number of ROs as well as the real competitive environment.