This study adopts the LDA topic clustering method to systematically sort out 226 research published in leading journals, identifies the core topics of real options theory (ROT) in the field of management, and constructs the corresponding knowledge framework. The nine themes of ROT in management includes, uncertainty and irreversibility, option identification, option creation, option management, option execution, the internal and external environments, investment models, option value, and option portfolios. These themes constitute the ABCDC knowledge framework of antecedent-behavior-context-decision-performance. On this basis, the empirical research results are analyzed in depth using the content analysis method, and they are analyzed from the causal, process, and contingency perspectives. Finally, we highlight the limitations of the ROT research in management and propose the future research directions.