Software valuation is a complex analytical process that determines the value of software product as intellectual property or an asset for software companies. However, the intangible nature of software makes it challenging to appraise using traditional calculation methods. This study presents a systematic literature review (SLR) conducted to identify suitable valuation approaches for software. The SLR examined existing research on software valuation, resulting in the identification of key methodologies and insights. By synthesizing the literature, this review sheds light on the significance of utilizing appropriate software valuation methods in software businesses. Moreover, it highlights the emerging issues and provides valuable recommendations for future research in the field of software valuation. This review illustrates the importance of addressing the complexities of software valuation and sets the stage for further exploration and development of effective valuation approaches.