The chapter deals with concept and meaning of innovation. Environmental, social, and sustainable innovations are discussed by presenting their main characteristics and impacts. The main innovation strategies are examined by identifying the key development factors for these strategies. The concept of sustainable innovations is reviewed by identifying the main policies and measures to promote sustainable innovations. The role of sustainable innovations in expansion of the circular economy is highlighted. The Sustainable Development Goals are discoursed and the role of innovations in addressing challenges of sustainable development is identified. The linkages between sustainable leadership, entrepreneurship, and sustainable innovations for developing sustainable business are addressed. The chapter concludes that sustainable leadership is key in implementing sustainable innovations and ensuring sustainable development of the society.