Currently, many organisations experience challenges as a result of uncertainty, fast-changing environments, globalisation, and increasingly complex work tasks. In order to adapt to these challenges, a shift in leadership style may be needed. Traditionally, leadership has been seen as a vertical relationship (top-down influence). For a number of decades, this vertical leadership model has been the principal one in the leadership field; but lately, shared and balanced leadership have gained importance, especially in the project management literature. This theoretical study highlights some differences between ‘leadership’ and ‘management’, and explores current trends in the leadership literature. It especially focuses on vertical, shared, and balanced leadership in project management, and identifies future opportunities for research. © 2018, South African Institute of Industrial Engineering. All rights reserved.