Innovation is one of the most important forms of expanding the economic system's capabilities and competitiveness in a modern, dynamic world. Since the beginning of the 20th century, the theory of innovation has been developing, changing, and improving significantly and many scientific papers have been created on the topic of types of innovation. However, even today, scientists are confused in basic concepts, replacing one with another and taking one for the other without proper and in depth terminology understanding. Although from innovation direction point of view, there is a clear distinction between types, some uncertainty in the levels (degrees) of innovations is present. For many years there have been many differences in the scientific literature, which significantly influenced both the in depth understanding of the innovation concept and the quality of approaches to assessing the levels of innovation. The purpose of this paper is to in depth review the literature on innovation types to identify approaches that emphasize the degree of innovation. We considered the different conclusions of the researchers step by step and argue that there is the problem of identifying one or another innovation in terms of its degree and find the disagreements in the scientific literature in basic concepts to understand high degree innovation. The most complete and extended definitions of incremental, semi radical, radical, disruptive, and breakthrough innovation were proposed as well as Degree of Innovation matrix was created to clearly demonstrate the existing distinctive features of each individual degree of innovation. This paper contributes to the theoretical analysis of the impact of innovative knowledge, as well as broadens previously published scientific literature, analyzing its impact on understanding the types and degrees of innovation, as well as the relationships, characteristics and key differences between them. The results of the research is the conceptual basis supported by the scientific literature for the modern understanding of terminology in the field of innovation activities. Інновація є однією з найважливіших форм розширення можливостей та конкурентоспромож ності економічної системи у сучасному динамічному світі. З початку ХХ ст. теорія інноваційної діяльності зазнала значного розвитку, змін та вдосконалення. Однак сьогодні науковий світ плутається в основних поняттях, замінюючи одне на інше без відповідного розуміння терміно логії. Хоча з точки зору інноваційного напряму є чітке розмежування типів, існує певна невиз наченість у рівнях (ступенях) інновацій. Протягом багатьох років у науковій літературі було ба гато розбіжностей, що суттєво вплинуло як на глибинне розуміння концепції інновації, так і на 67 ЕКОНОМІЧНА НАУКА PROBLEM STATEMENT Today, there is a considerable amount of different innovation types: incremental, process, red ocean, service, business model, sustainable, blue ocean, radical, disruptive, supply chain, market pull, organizational, social and many others. While in terms of innovation ...