There is a trend of combining agile and traditional project management practices for technology-based product and service development in the search for more agility. Although there are, in the literature, hybrid models that propose combinations of traditional and agile approaches, there are no studies that discuss the impact of the adoption of this approach in organizations in practice. Consequently, guidance on the selection of the most appropriate project management approach has remained largely theoretical, rather than based on companies’ experiences. The objective of this research is to analyze how organizations that develop technology-based products and services apply hybrid approaches to project management, their characteristics, advantages, and disadvantages, conducting a literature review and multiple case studies as research methods. Results reveal that hybrid approaches to project management are currently fundamental for companies in order to deal with distinct organizational cultures, specific processes, customer contractual requirements, and project specificities. This study also led to a consolidated list of the characteristics of hybrid approaches to project management.