Speculative design is widely used in research contexts across multiple disciplines, emphasising problem-finding over problem-solving, and involves methods for exploring possibilities that challenge ingrained assumptions. This systematic literature review analyses speculative design methods used in 52 studies within disciplines such as human–computer interaction, fashion, urban planning, and healthcare, among other fields. It presents results about the common phases and methods of speculative design that are utilised in these studies. It identifies and characterises four core phases that appear to be common within speculative design processes, namely select, explore, transform, and provoke. It shares examples of how these phases are used to achieve the goals of speculative design. The discussion section considers the process of speculative design, leading to the synthesis of a framework that visually and conceptually organises these findings to facilitate their comprehension and application. This paper contributes to the understanding of speculative design by providing a clear process that addresses gaps in its theoretical and methodological foundations.