One of the issues in the area of sustainability concerns circular economy (CE), which consists of the conscious use of concentrated resources, the reduction of waste generation, and the minimum use of primary resources. In this sense, one of the areas affected by the CE is product development, notably in the material selection process, which is currently being designed taking into account CE processes, such as recycling, reuse, and remanufacturing. Therefore, to map the methods of material selection used in the product development process while also identifying the adopted principles of the CE, this article develops a systematic review of the literature. The results point to an approach that utilizes CE-related concepts, in special recycling and energy, the two most prevalent concepts, as criteria for using material selection tools.