Business models are a cornerstone of innovation for both startups and established firms. The term exists as part of the management lexicon, as media and scholars devote significant attention to it, especially with Internet-based and tech businesses exploiting innovative new models. This review aims to address the question concerning the current knowledge regarding the concepts of the business model and business model innovation. Starting with the business model, the paper examines the diversity of definitions that scholars offer, particularly related to its scope (e.g., firm, network) and conceptualization (e.g., activities, value). The narrative delves into a systematic review and components of the business model. It segues to examining links with the lean startup and associated canvases that encompass components to define value creation, delivery, and capture. This section closes by highlighting the diverse multitude of business models, including fifty-five common patterns, and finally, considers the assessment of the construct, most notably Teece's seven questions. The business model innovation section delves into its diverse characterizations by scholars, leading to the identification of common themes- value, process, novel, change, activities, core elements, model, and discovery. The section discusses two relevant systematic reviews that highlight gaps for further exploration. It then dives into multiple approaches, such as business model development, reconfiguration, discovery-driven planning, customer discovery, parallel play, and reinventing-the-wheel. This discussion closes by examining the role of business model innovation in the organizational learning process, particularly that of experimentation. Finally, it addresses evaluation, featuring Amit and Zott's six questions. Themes to draw for the business model involve that it (1) is essential to define a path to innovation and successful commercialization; (2) embodies the creation, delivery, capture, and apportionment of value; and (3) encompasses exploration and exploitation functions. For business model innovation, a notable extraction is that it involves a critical organizational learning process fashioning a model that offers novelty and value to the firm and its ecosystem of customers, investors, and partners.