Previous research has created a basic understanding on the relationship between IC dimensions (e.g. human, structural and relational capital) and innovativeness of a firm but several research gaps still remain. One of the identified gaps is the lack of understanding related to the association between IC and business model innovation (BMI) of a firm. The purpose of this study is to review extant literature that has examined simultaneously the concepts of IC and BMI and find out the current state and new aspects on how to study this issue further. This study combines evidence on the relationship between IC and BMI by means of literature review. First, IC and BMI concepts are clarified to establish a framework for the literature review, and then the previously published relevant papers are reviewed in light of the framework. As the importance of IC is acknowledged as a major lever for corporate success, the consideration of IC in the frame of BMI appears to be a promising avenue of research. By recapping the existing findings in this regard and identifying the intersections of the two academic discussions, this study elaborates the implications that the integration provides for management practice and future research. The dual-role of IC in BMI is related with how well a company is able to come up with a successful BM and what sort of IC can be achieved through BMI process. However, much more research that combines IC and BMI in a suggested fashion is needed.