The increasing significance of Artificial Intelligence (AI) across sectors ranging from manufacturing to hospitality is transforming business models and prompting the emergence of new ones. To study this evolution the Business Model Canvas, a framework illustrating key aspects like value creation and customer relationships is an ideal starting point. This study therefore explores how AI advancements impact the business model at various company life-cycle stages—start-up, growth, maturity, and decline. It scrutinizes AI’s role in reshaping business strategies and operations, using a systematic literature review to assess AI’s integration within the Canvas’s nine elements. The objective is to offer a nuanced understanding of AI’s influence on business model innovation during different developmental phases, highlighting challenges and opportunities. This research, enhanced by AI tools like Chat-GPT, aims to deepen the discourse on AI’s contribution to business evolution, providing insights for academics and practitioners on leveraging AI for sustainable business growth at different company life-cycle stages.