Preference studies are becoming increasingly important within the medical product decision-making context. Currently, there is limited understanding of the range of methods to gain insights into patient preferences. We developed a compendium and taxonomy of preference exploration (qualitative) and elicitation (quantitative) methods by conducting a systematic literature review to identify these methods. This review was followed by analyzing prior preference method reviews, to cross-validate our results, and consulting intercontinental experts, to confirm our outcomes. This resulted in the identification of 32 unique preference methods. The developed compendium and taxonomy can serve as an important resource for assessing these methods and helping to determine which are most appropriate for different research questions at varying points in the medical product lifecycle.