The role of external parties in the innovation efforts has received much attention on the firm-level, but there are less studies on open innovation projects. This is surprising, since projects are frequently used to carry out open innovation activities. In this study, a systematic literature review was conducted to provide a framework for managing open innovation initiatives. The results revealed several key themes that were further grouped—based on their interrelatedness—into the management of knowledge sharing, openness, actors, and results. A closer look at the considerations showed that the management of open innovation projects requires balancing several contradictory effects and handling both the contingencies and complementarities of the subject matter. The management further becomes complex due to the multiple actors involved and their different roles. To this end, we outlined several practical implications for managers of open innovation projects to consider and recommended avenues for further research.