The research is focused on the nexus between corporate social responsibility (CSR) and innovation. Scientific literature analysis, systematization and case study methods were applied. Aiming to clarify the interconnectivity of key terms and perspectives i.e., the nexus between CSR and innovation, the research is providing an overview of core issues and definitions in scientific discourse and practice. Based on that recent developments in Lithuania are analyzed from the systemic point of view taking into account the general innovation policy and CSR-driven initiatives. Research results show, that CSR-driven innovation from organized and systemic perspective are considered being at their initial phase throughout the country as in most cases companies lack systemic approach towards CSR. Therefore CSR might be considered as innovation in Lithuania, however further developments are essential.