Discovering and creating opportunities are key features in entrepreneurship theory, as they directly influence the understanding of entrepreneurs and entrepreneurial behavior; they also profoundly impact our comprehension of corporate innovation mechanisms (Alvarez & Barney, Strategic Entrepreneurship Journal 1:11–26, 2007; Cai, L., Lu, X., Shan, B., & Yu, H. (2018), Cai, L., Yu, H., Yang, Y., & Lu, S. (2019). Within the context of innovation-driven entrepreneurship research, the discussions about whether entrepreneurial opportunities are discovered or created are of utmost importance. If opportunities objectively exist, then only the discovery and development of these opportunities are significantly meaningful. Conversely, if opportunities emerge as miraculous phenomena from nothingness through creation, entrepreneurs must engage in continuous innovation, undertake substantial learning iterations, and interact persistently with market or non-market stakeholders to ultimately form previously non-existent entrepreneurial opportunities. This dichotomous framework has attracted considerable attention and debate among entrepreneurship scholars and has substantially influenced entrepreneurial practice. Reviewing existing literature, outlining the developmental trajectory of opportunity identification and creation, and suggesting potential future research directions will facilitate a more comprehensive understanding and application of this theory.