Sustainable business model innovation (SBMI) introduced a unique frontier in current business operations and innovation management. Despite the numerous advantages of SBMI to contemporary business strategy, most established firms face challenges in its successful implementation. Through a systematic review process (SRP), the paper attempted to critically evaluate and analyze the previous outcome on the barriers and drivers to SBMI. The research explored 42 prior studies to identify the thematic study areas, highlight the research gaps, and outline future propositions and agendas. The research thoroughly evaluates the state-of-the-art regarding barriers and drivers to implement SBMI. The SRP approach utilized in the study sheds light on the intricacies of SBMI by highlighting six critical barriers: institutional, organizational, strategic, resource allocation, technological, and financial barriers that hinder the successful deployment of SBMI. In addition, the study’s findings indicated that organizational learning, knowledge management, dynamic capabilities resource mobilization, innovative business activities, and human resource development could be a catalyst to the successful implementation of SBMI. Furthermore, the study highlighted some critical gaps and agendas for future research on SBMI. This study contributes to the literature on business model innovation and offers a practical outlook that can facilitate firms and policymakers in developing strategies to improve their business model.