Many new cancer treatments that slow progression and extend survival are emerging. These advances bring new hope to patients and physicians, but often increase health expenditures in an already cost-conscious environment. To help guide resource allocation decisions, cost-effectiveness models are constructed to compare the costs and outcomes of new treatments with current options, and to encourage the uptake of new technologies. This study focuses on the cost-effectiveness studies published since 1997 for hormonal treatment options in advanced breast cancer. This paper: i) examines the quality of studies in terms of reporting methods and transparency of the models; ii) compares the calculated cost-effectiveness ratios; and iii) makes recommendations for future cost-effectiveness models in advanced breast cancer.