This study critically reviews the key perspectives and topics in innovation research in various disciplines and the hospitality and tourism (H&T) field. This study synthesizes and analyzes 85 innovation literature review studies from several fields and 261 empirical articles from the H&T literature to achieve this purpose. The key topics are organized into three different perspectives based on how the phenomenon is understood: innovation as an economic phenomenon, innovation as a market phenomenon, and innovation as an organizational phenomenon. Through in-depth analysis and discussion, this article identified an extensive array of potential future research avenues. Some of these include exploring innovation as systemic turbulence under the lens of complexity theory, the commercialization of idle innovations as part of the open innovation paradigm, and the effect of corporate governance on innovation, representing key industry implications of the study.