<p>This study analyzes the evolution and intellectual structure of research on the impact evaluation of innovation subsidies through a comprehensive bibliometric approach. Drawing on a sample of 142 articles indexed in the Web of Science between 2000 and 2023, we apply descriptive analysis, co-citation networks, keyword co-occurrence and thematic mapping to identify major research streams, conceptual developments and emerging trends in the field. The findings reveal a clear transition from early studies focused on measuring direct policy effects—such as input and output additionality—towards more complex and systemic perspectives that emphasize knowledge creation, diffusion and interaction among actors. In particular, the literature increasingly incorporates concepts such as absorptive capacity, knowledge spillovers and innovation systems, reflecting a growing alignment with knowledge-based economy frameworks. The analysis identifies three main research streams: (i) the direct effects of subsidies on firm-level innovation, (ii) the role of regional and sectoral contexts in shaping policy effectiveness, and (iii) the theoretical foundations of public intervention in innovation. Over time, these streams have converged towards a more integrated understanding of innovation as a systemic and knowledge-driven process shaped by institutional and contextual factors. By mapping the structure and evolution of this research field, this study contributes to a deeper understanding of how knowledge on innovation policy evaluation has developed and where future research efforts should be directed. The findings also provide policy-relevant insights, suggesting that effective innovation policies should go beyond stimulating R&amp;D investment to strengthening knowledge flows, collaboration networks and firms’ capabilities within innovation systems.</p>