Cultural and creative industries are rooted in innovation as the engine of value creation. Despite the growing body of research on this issue, the knowledge on innovation in cultural and creative industries remains fragmented. This study focuses on examining how the research to date has approached this topic, aiming to identify the main characteristics of the research on cultural and creative industries and the knowledge gaps that require further investigation. We follow the PRISMA protocol and conduct a structured literature review. Our findings are categorized according to the three main research perspectives from which innovation has been examined: management, economics, and system. Additionally, our study reveals several knowledge gaps that need to be addressed in future research. The results can thus serve as a valuable resource for researchers, policymakers, and practitioners.