Eco-innovation is an important factor not only for the competitiveness of companies in the face of the greening of markets but also as one of the primary means on the road to sustainable development. However, there is a remarkable conceptual diversity in the subject given the theoretical perspective from which eco-innovation is analyzed. Therefore, this research aims to establish an integrating concept of eco-innovation, based on elements of acceptance in the scientific literature, for its application in SMEs. To this end, 40 articles from recognized scientific databases such as ScienceDirect, Scopus and Web of Science (WoS) were reviewed, resulting in a concept that covers the economic approach, definition, dimensions and drivers of eco-innovation. It was found that the implementation of eco-innovation is dependent on the degree of formalization in each element according to the institutional context in question.