In recognition of the importance of effective school leadership, many states and districts have implemented policies and programs that aim to improve their capacity to attract and retain great principals. Too often, though, these policies and practices do not combine to form a coherent system that ensures effective leadership development. To be successful, these efforts require a comprehensive, systematic approach to principal talent management (PTM) that encompasses the entire continuum of a principal's career: preparation, recruitment and selection, professional learning, performance evaluation, and compensation and incentives. This literature review aims to provide district leaders with an understanding of the research and best evidence regarding the components of effective PTM systems. Based on the What Works Clearinghouse (WWC) standards as the criteria for identifying studies with rigorous research designs and evidence of causal relationships, the review focuses on two key outcomes of PTM systems and components: (1) the extent to which certain policies and practices lead to improved student achievement; and (2) principal retention. The review also highlights gaps in the existing research and offers recommendations for district leaders, policymakers, education-focused researchers, and funders of education leadership research, policy, and practice.