The technological revolution, marked by digital innovations like cloud computing and AI, has transformed the global landscape and innovation-driven entrepreneurial practices. Human capital theory is an important foundation for developing an understanding of entrepreneurship’s processes and outcomes (Marvel et al., 2016) and is the core theory for constructing the mechanism of innovation-driven entrepreneurship. However, in the new situation of digital innovation-driven entrepreneurship, the development of human capital theory is facing the test of The Times (Chen D. et al., 2020a). For instance, “new employees” such as AI, intelligent robots, and intelligent systems, have already impacted and replaced human capital in different entrepreneurship stages (Chen G. et al., 2020b). Therefore, we examine an overall review of the progress in the field of human capital and entrepreneurship research, especially the literature on integrating innovation and entrepreneurship, to potentially reformulate the Human Capital Theory and further promote the improvement and expansion of innovation-driven entrepreneurship theory.