The work identifies the main interrelations between digital transformation, open innovation, and sustainability. While the interest of scientific communities in these concepts is growing, there are very few studies on the role of digital transformation in fostering open innovation and sustainability. This research aims to study the conceptual frameworks for digital transformation, open innovation, and sustainability and investigate whether and how digital transformation catalyzes sustainability and open innovation. A three-phase methodology is applied in this research. A literature overview was performed to demonstrate how the concepts and definitions of digital transformation evolved over the years and to create a digital transformation typology. To scope a body of existing literature and identify knowledge gaps, a scoping review was performed to establish underlying principles and conceptual frameworks for digital transformation, open innovation, sustainability, and their interrelations. A qualitative content analysis of the selected literature was conducted to answer the main research question and sub-questions. As a result of the research, the framework of the interrelations between digital transformation, open innovation, and sustainability was developed and confirmed, demonstrating that digital transformation is an enabling and fostering factor for sustainability and open innovation. At the same time, digital transformation may have a negative impact on sustainability, mainly affecting its environmental dimension.