Emerging concept of servitisation has been gaining more and more attention in recent years and has its influence on business models. This article provides an overview of selected existing literature in servitisation, SMART servitisation, and sustainability in the context of business model transformation. The purpose is to provide a comprehensive understanding of the interconnection between fields. SMART servitisation integrates AI and various digital tools in the servitisation process, together with related challenges and opportunities for businesses. The review presents the recent state of research in the field of servitisation together with the development of servitisation itself connected to the business model transformation. The emphasis is also placed on demonstrating the impact of servitisation and SMART servitisation on individual companies, including the impact on the customer-company relationship. The literature review is supported by the bibliometric analysis pointing out the interconnections between the topics of servitisation and business model transformation. Exploring the social, environmental, and economic impacts of servitisation usage within the business model. Furthermore, the review explores the critical path of sustainability within the servitisation context. It reveals how companies can contribute to sustainable development and foster positive social outcomes.