The review concentrated on the Security Intelligence Service domestic spy agency, which operates under legislation that has not been changed since 1969.
A review of the cyber-security and external spy agency, the Government Communications Security Bureau (GCSB), was undertaken in 2012 and legislation expanding its powers was passed the following year, without Labour's support.
"My preference is to try to get an outcome for this review that will lead to improving the current legislation but will also get that bipartisan support reinstated," Mr Key said.
He had not yet read the review but understood that its general contention was that the SIS legislation "was not fit for purpose" and that it recommended ways in which the GCSB and SIS could work together in the modern environment.
Mr Key chairs the Intelligence and Security Committee.
The other members are Mr Little, Attorney-General Christopher Finlayson, who is also Minister in Charge of the SIS and GCSB, Justice Minister Amy Adams and Labour foreign affairs spokesman David Shearer.