This contribution provides an overview of the relationship between innovation and religion. It addresses this relationship (1) as processes of internal religious innovation and (2) as external innovation effects of religion. Processes of internal religious innovation include the emergence of new religions and the change of existing religions. Globalization, migration, and pluralization spur innovations within the religious field. As a theoretical approach, economics of religion helps analyze religious innovations as processes of adaptation. By contrast, external innovation effects of religion go beyond the religious field, as religions can influence technological, economic, and social transformations. Scholarship has studied the impact of religion on entrepreneurship, technological change, and different development fields (e.g., health care, education). The review of the existing studies shows that religion is neither fundamentally opposed to innovation nor generally conducive to it. Relating the research more closely to innovation studies could have systematizing effects on studies about religion and innovation.