Digital age requires organizations to innovate their processes in order to increase flexibility and quickly address the fast emerging needs. The pressure on operational excellence while reducing costs, requires even more to maintain just value added activities in their own processes. Lean principles and Agile Management provide valuable means to address these problems at all the different layers of the company. In particular, the portfolio management department can play a leading role in this transformation because it has the duty to align the investments with the business strategy and to change the processes accordingly. This study seeks to address these themes and it focuses specifically on how lean and agile principles can be applied to portfolio management.