Background: Economic evaluations are increasingly utilized to inform decisions in healthcare; however, decisions remain uncertain when they are not based on adequate evidence. Value of information (VOI) alysis has been proposed as a systematic approach to measure decision uncertainty and assess whether there is sufficient evidence to support new technologies. Scope: The objective of this paper is to review the principles and applications of VOI alysis in healthcare. Relevant databases were systematically searched to identify VOI articles. The findings from the selected articles were summarized and rratively presented. Findings: Various VOI methods have been developed and applied to inform decision-making, optimally designing research studies and setting research priorities. However, the application of this approach in healthcare remains limited due to technical and policy challenges. Conclusion: There is a need to create more awareness about VOI alysis, simplify its current methods, and align them with the needs of decision-making organizations.