The objectives of this study was to bring out the understanding of the concept of agile IT project management; what it is and what it is not. It was also aimed at comparing the pros and cons of both agile and traditional methods of IT project management in a typical industry setting; the challenges of going purely agile, and so on. It is purely a review of literature of peer reviewed papers sourced mainly from Google Scholar. It was revealed that agile outweigh the traditional methods in terms of benefits, but its implementation poses a lot of challenges due to a number of issues, paramount among them being organizational culture and empowerment of the project team. This has resulted in a number of industries sticking to the traditional methods despite the overwhelming benefits of agile. In another school of thought, the combination of the two paradigms is the way forward.