Managing open innovation is typically viewed as managing a project with a set of expectations. It requires careful planning and proven management principles to enable companies to respond to their needs in the most effective and efficient way possible. However, the literature on integration and comparison among project management, project portfolio management and open innovation principles is limited. Viewing open innovations as a series of separate projects can lead to many problems including those related to transaction costs and risks. This paper extensively reviews the literature of project management, project portfolio management, and open innovation in the hope that these principles can be better integrated and synergized both in terms of the literature and in practice.