This paper attempts to review the use of TRIZ, Theory of Inventive Problem Solving, in the field of software innovation. TRIZ finds widespread applications in many fields of engineering such as mechanical, electrical, electronics, chemical, materials, industrial engineering, etc. Even, TRIZ has its applications in management and strategies. However, the applications of TRIZ in the field of software engineering to solve problems that arise during phases such as software design, development, coding, testing, and maintenance seems to be in its very initial phase. The primary objectives of this paper are to review and consolidate the current state of the art in the area of TRIZ for software related problems by a literature review. The current review will help academicians and industry experts to understand the current state and to visualize a possible future direction.