Academic and corporate interest in sustainable product and process development has risen considerably in recent years. This can be seen by the number of papers published and in particular by special issued of journals. This paper reports the results of a review of published peer-reviewed literature from 1987 to 2012 to provide an up-to-date picture of sustainability and sustainable assessment. A structured methodology is followed to narrow down the search from around 3500 papers to 111. A variety of different sustainability assessment methodologies are reviewed in two classified research areas: product sustainability assessment and process sustainability assessment. In presenting a detailed taxonomy of product and process sustainability assessment methods, the paper also outlines the advantages and weaknesses of the sustainability assessment methods. The review sheds light on the weak points of current research in this area. The paper also highlights several key issues which have to be taken into account in attempting to develop a product or process sustainability assessment research paradigm for future applications in manufacturing systems.