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This conceptual paper tries to encompass the development of open innovation concept from 2003 till now. Open innovation is one of hottest and most debated topic in the field of innovation management. In last decade, since the publication of the book “open innovation” by Chesbrough, the idea of open innovation has received extensive interest of scholars as well as the practitioners. The progression of thought process has been heighted in brief. Enablers of open innovation are also discussed along with the process for implementing open innovation as mentioned in the literature. Discussion on future prospects of the field along with future perspectives for the research is most significant part of the paper. Few research areas are highlighted that remained untapped in the previous decade and demands for an urgent inquiry.