Accelerated product development is a competitive strategy that seeks to reduce the development cycle time of new products. However, there has been little theoretical advancement and empirical model testing in the identification of the conditions under which cycle time reduction is appropriate, the organizational characteristics and practices that accelerate product development, and the precise manner by which cycle time reduction affects project outcomes. Since cycle time reduction has become widely accepted as a key element in managing new-product development, this contribution organizes and integrates the literature on accelerated product development. Specifically, we argue that the antecedents associated with shorter development cycle time are well known, but that there are inconsistencies with respect to the contextual applicability of cycle time reduction, and contradictory empirical evidence for its alleged merits in achieving lower development costs, better product quality, and greater chance of new-product success. We attribute these inconclusive results to methodological differences in measurement approach, trade-offs in cycle time reduction, and the hidden costs of accelerated product development. Moreover, we discuss that it is essential to take the new product's window of opportunity into account while investigating the outcomes of accelerated product development. For scholars, we provide a theoretical foundation for rigorous, empirical research. For practitioners, we list the merits of cycle time reduction, describe the situations in which it is appropriate, and delineate ways how interventions can be applied.