As portfolio models have evolved in the area of business marketing scholars have turned their attention from traditional product-based and transaction-oriented portfolios to portfolios based on business relationship considerations. However, the conceptualization of relationship portfolios has remained vague, and the applications of these analyses in business practice are quite limited. In a parallel stream of studies, the Industrial Network Approach (INA) has increasingly explored the concept of relationship value and highlighted the need to take into consideration the interdependent and dynamic features of business relationships as well as the phenomenological and situational nature of value perceptions. Although judgements in terms of relationship value applied to a set of business relationships are foundations of portfolio investment decisions, the connection between the two streams of research has not yet been explored in depth. This study introduces five critical elements of relationship value stemming from INA that have important consequences for business relationship portfolio management. Developing the concept of Relationship Value Portfolio provides the foundation for a discussion about the need to integrate the two fields of research – namely, relationship value and relationship portfolios – into a more grounded conceptual framework. This framework allows for propositions to be developed, which contribute to enriching the theoretical debate on both streams while offering important implications for managerial practice.