As economic activities centered on new industries, new business formats, and new business models rapidly rise and become an important part of China's economic development, the relationship between enterprises and society is undergoing profound changes. This is also a direct result of the innovation and entrepreneurship-driven changes in industrial and economic structures. Unlike traditional entrepreneurship driven by economic opportunities, innovation-driven entrepreneurship needs to focus on how entrepreneurs and innovators balance economic and moral behaviors in the process of searching for opportunities and recognize the multiple subjectivity and governance complexity of innovation-driven entrepreneurial activities. Under these new conditions, awareness is gradually being raised about the potential moral and ethical risks of innovation and entrepreneurship activities. This chapter attempts to clarify the interaction between moral theory and innovation and entrepreneurship activities by reviewing the development of moral theory and its application in the field of entrepreneurship and innovation