Software development is a complex human endeavour with high failure rates. Although a variety of software development methodologies have been proposed to improve the software development process, there is no universal model for all software development organizations. Virtual reality (VR) is an emerging trend especially for the gaming industry, which should prepare itself for VR development. The goal of this study is to explore potential software development activities and determine whether designing a new software development methodology for VR projects is an important topic for software development organizations working on VR software development. For this purpose, a literature survey has been completed and 71 academic studies have been examined in detail. This study shows that no work is being conducted in the field of developing a new methodology for VR projects. However, the study does show that there are similar endeavours in the field of human computer interaction (HCI), such as game development methodology.