Over the decades, innovation has become a crucial motor of economic development, sparking keen interest in how it is managed and its wider impacts. This article explores the evolution of open innovation, highlighting the importance of governance and development in this area. Using bibliometric analysis, the study finds that publication of articles in our research area began from 2010, which is subsequently explained by significant growth in publications, diversity of authors and strong US involvement. The findings of this analysis also highlight research gaps, especially in terms of the governance in external innovation way, the development of sustainable ecosystems, and the integration of innovation and technology into governance and development. Indeed, the article highlights the importance of ongoing interdisciplinary collaboration to stimulate further advances in this vital area for economic and social growth as well as sustainable development.