The purpose of the study is to review research on innovation and managing innovation as a whole and its importance in industry. It will then review research on religiosity in the aspect of innovation and risk, looking at impact on individuals, risk taking, opportunities and decision making. The paper will then sum up with research gaps and ideas on potential framework for further research. Design/Methodology/Approach: The methodological approach taken, looked at and reviewed research papers from the last 15 years around innovation and religiosity which linked directly to management and organisations. After which gaps were identified for further study. Findings: As a result of the review gaps were identified in defining innovation based on the industry it is referring to. Gaps in the level of innovation an organisation needs to achieve to be at a competitive level. Research using a variety of variable with innovation. More research needs to be carried out in the area using quantitative as well as qualitative research.Research Limitations/Implications: The review was carried out using secondary data and research. Research considered was from a time span of 15 years and from various sectors. The research was a review to highlight future research gaps. Practical Implications: The research and review can be used to develop policy and support the implementation of innovative cultures in organisations. It can support further research and study in the area of innovation and religiosity. The study can also help develop conceptual frameworks. Originality/Value: The research provides a wider understanding around religiosity and innovation and opens new areas of research and gaps to be filled. The review is first of its kind that looks at research over the last 15 years in the area of innovation and religiosity.