Industry 4.0, founded on production systems utilizing information technology, encompasses intelligent factories, intelligent products, and the Internet of Things. Its objective is to provide real-time data on production, processes, equipment, products, and workflows, integrating this information to facilitate effective decision-making with economic, environmental, and social outcomes. Initially designed to address issues of “unsustainable production,” Industry 4.0 now permeates all aspects of modern society, presenting both challenges and opportunities for sustainable development. This work includes a bibliographic analysis of publications in the Scopus database focused on Industry 4.0, detailing its technical and economic foundations, core concepts, and key content. It organizes the characteristics of Industry 4.0 and the technologies that drive it, examining their effects on society and the economy. Key principles and trends within Industry 4.0 are identified, along with the elements, components, and principles of sustainable production and business models at micro, meso, and macroeconomic levels. The research explores the transformation concept within the framework of sustainable development and the role of Industry 4.0 in achieving sustainability goals, including the prerequisites for its emergence, new opportunities, and threats linked to the adoption of digital business models. The influence of Industry 4.0 business models and practices on the social, economic, and environmental dimensions of sustainable development is analyzed. Furthermore, the IT challenges faced by enterprises adopting Industry 4.0 are examined, highlighting the necessity of incorporating a fourth component—digital sustainability—into the sustainable development paradigm. The study underscores the importance of digital sustainability in ensuring the enduring development of economic entities within the digital economy.