The option management approach for SDRs includes control of installation and/or access to waveform features and/or platform features. A software-defined radio may include an antenna, a radio transceiver coupled to the antenna, and at least one memory storing a master feature database including a plurality of selectable waveform features and a plurality of selectable platform features, and a selected options database including selected waveform features and selected platform features from the master feature database. A controller cooperates with the at least one memory to configure the selected options database based upon an input options file and to permit reconfiguration of the selected options database based upon a subsequent input options file. The controller also cooperates with the radio transceiver and the selected options database to operate the SDR based upon the selected waveform features and the selected platform features.