The article aimed to analyse the types of impact of Open Innovation practices in an emerging country, exploring open innovation beyond economic benefits, focusing on its environmental and social impacts, and addressing global challenges. We used a qualitative methodology to analyse 348 cases of open innovation in Brazil, revealing that, besides economic benefits such as financial growth and operational efficiencies, OI promotes sustainable practices, social inclusion, and diversity and addresses global challenges through digital transformation and integration of ESG principles. This study broadens the understanding of OI’s impacts, proposing a new category focused on global challenges and emphasising the importance of aligning open innovation practices with contemporary needs. The results underscore the relevance of OI for sustainable development and offer practical insights for decision-makers in managerial, social, and economic spheres, highlighting the need for a more elaborate decision-making approach that considers cultural and environmental returns in addition to economic ones.