Despite the fact that business model innovation (BMI) is an important driver of business success, most studies on BMI have emphasized conceptual definitions, content analysis, and literature reviews. Theoretical underpinnings are often cited as necessary to advance this field. This chapter illustrates that some key attributes of open innovation (OI) support the advance of business model and BMI research, and this link has not been investigated comprehensively by prior research. The development of OI and BMI keep pace with each other in a dynamic innovation process. To develop a consistent body of knowledge on BMI and OI, this chapter sheds light on how OI shapes business models and the relationship between OI and BMI by providing a framework and two short case studies and discussing their implications.