This systematic literature review aims to present the current state of business model research on industrial augmented reality (IAR) and suggest future research areas. Our analysis of 60 previous literature reviews on IAR shows that the business model perspective is missing from these reviews. To address this gap, we conducted a systematic literature review using eight scientific databases in late 2022. Although we aimed for a comprehensive literature search, a total of only 48 augmented reality (AR)-related business model publications were found, of which only six focused on IAR. To present the current state of research, these six publications were analyzed in terms of research purpose and results, the IAR application(s) studied, and the research methodology used. Based on this analysis, we propose future research areas, considering the suggestions for future research and the problems and challenges mentioned in the analyzed publications.