Concept development is a knowledge-intensive activity and plays a critical role in product design since it significantly affects the success of a product in the market but with a considerable low cost. Because of rapid change of product information and customer preferences, large-scale knowledge among Internet and requirement of machine-readable data, abundant well-represented knowledge is required to support the design tasks in concept development. Though many related works knowledge representation and reasoning have been studied, there still lacks a holistic review of the knowledge representation and reasoning methods which are appropriate for the concept development of product design. In this paper, the knowledge involved in the concept development of product design, knowledge representation methods and knowledge reasoning methods which are suitable to apply in this phase are discussed respectively. 38 related publications out of over a hundred reviewed ones are selected in this paper. This literature review lays the foundation for future research in the area of knowledge representation and reasoning in the concept development of product design.