Innovation strategy has garnered significant interest among researchers and practitioners. Despite the extensive body of research, there remains a need for further exploration into the best practices for devising effective innovation strategies. This chapter endeavors to bridge this gap by pursuing the following objectives: (a) critically reviewing the existing literature on innovation strategy, (b) identifying and analyzing evidence-based best practices for formulating and implementing innovation strategies, (c) and creating a practical framework that assists organizations in designing and executing innovation strategies tailored to their specific challenges and requirements.