Information Technology Portfolio Management (ITPM) is a topic of intense interest in the strategic management of IT. In ITPM, IT synchronization with corporate business strategy is operationalized by the application of the principles of financial portfolio management to IT investments. This perspective is crucial to the continual alignment of business strategy and IT investments. Portfolio management is the discipline of managing projects together as a portfolio that meets stated corporate goals and objectives (Combe & Githens, 1999). It facilitates the optimization of resource allocation and development investment across multiple projects. This chapter investigates current techniques and issues for managing IT project portfolios and aligning those portfolios with the strategy of the business. The models and concepts presented are regarded as a starting point for dialogue and further research among IT project researchers and practitioners.