This chapter examines the implications of the smart and sustainable firm concept for management control systems. Through a comprehensive literature review and critical analysis, we explore how traditional management control—including management accounting, strategic control, organizational control, relational control and risk control—functions within this new business paradigms. Our aim is to examine whether existing tools remain effective and to identify potential limitations. The integration of smart technologies and sustainability significantly transforms the dimensions of management control. A smart and sustainable firm creates shared value through the strategic use of technology, balancing economic, environmental and social objectives with a long-term perspective. This requires the use of multidimensional tools and continuous monitoring systems that incorporate real-time and predictive data to manage change and adapt to evolving conditions. In addition, the chapter emphasizes the need for agile and adaptive organizational structures and the role of informal controls, such as cultural and relational mechanisms, in fostering collaboration within ecosystems. We also highlight the importance of proactive risk control to address sustainability-related risks and the challenges posed by smart technologies.