In an increasing number of organizations, many projects are carried out simultaneously, the consequence of which is a need to combine them into project portfolios. Aim of the study is to present and evaluate possibility of applying a process approach in management of project portfolios in an organization. Aiming at achieving such a goal, literature sources were analysed and a preliminary survey was conducted. First part of the article presents theoretical aspects of a process approach to project management. Second part of the text encompasses analysis of project selection processes for the portfolio and creating their hierarchy and has been based on primary data collected during the survey. Literature studies and results of own research confirmed existence of potential of using the process approach in managing project portfolios.