Organizations worldwide consistently strive to eliminate waste through approaches like Lean and adopting core functions through concepts such as Value Engineering (VE). Several sources affirm that integrating VE with Lean can enhance, streamline, and amplify efforts to implement Lean principles within an organization. Conversely, Lean can improve the effectiveness of VE initiatives. Based on a comprehensive literature review utilizing a natural language processing algorithm, this study focuses on understanding the intersection between these concepts. The review identified eight main sub-topics across three key areas: Lean Healthcare and Performance, Customer Value Improvement, and Process and Product Optimization. The practical implications of integrating Lean and VE in product development include faster time-to-market, enhanced manufacturability, and improved product quality while reducing start-up issues and development costs. This integration fosters a more collaborative environment, aligning teams with customer needs and expectations. The unique contribution of this study lies in demonstrating how Lean and VE, when applied together, form a holistic and robust framework that optimizes efficiency and ensures superior functionality and cost-effectiveness throughout the product development lifecycle.