Innovation is a critical instrument for achieving the SDGs, playing a key role in promoting a sustainable society. In this context, technology and innovation could simultaneously integrate the three dimensions of sustainable development: economic, social and environmental. The present paper explores the impact of innovation from the perspective of R&D on these three pillars, pointing out its role for economic progress, social advancements and environmental conditions, in the case of the European Union countries. The paper starts with qualitative research of the latest specialized literature regarding the SDGs and their relation with technology and innovations, highlighting important outcomes brought by innovation on economy, society and environment. The research continues with a quantitative analysis conducted on the basis of a correlation model along with three regression analyzes that aim to capture the influence of the level of R&D on the sustainability pillars. Thus, this paper affirms and strengthens the catalytic role of innovation for sustainable development. The added value of the paper is brought by the contribution to studies on the situation of EU states in terms of R&D and their potential to achieve the SDGs. Findings from regression analyzes can provide valuable information for parties involved in public policy or private companies. This information could be a starting point for a better allocation of resources towards the innovation area, but also for the formulation of integrated strategies in the R&D sector.