Despite the benefits of sustainable innovations in the agricultural sector being widely recognized, their adoption rate remains below the level designated by the 2030 Sustainable Development Goals. To understand the reasons behind this phenomenon, the current systematic literature review (SLR) provides a comprehensive overview of factors affecting farmers’ innovation adoption behavior in developed countries. A total of 44 studies, published since 2010, were identified, analyzed, and summarized. The analysis revealed that specific innovation characteristics foster the innovation adoption process, together with individual psychological and socio-demographic features. It emerged that the path to adopting sustainable innovations can be driven by environmental values; for example, when comparing organic and conventional farming, organic farmers have a stronger environmental view and are more likely to take less into account economic gains. On the contrary, complexity of innovation, a high degree of innovation aversion, and a low perceived control over innovation are among the core barriers to the innovation adoption. Findings provide important insights on potential research avenues that could further depict farmers’ adoption dynamics of sustainable innovations.