Design-driven innovation focuses on innovating product meanings. This concept has been studied since the early 2000s from a variety of perspectives, and in different contexts. This paper presents a review of published research. The aim of this review is to provide a comprehensive understanding on the contribution of design-driven innovation to value creation. In a systematic literature review, 57 papers and book chapters on this subject were identified and analyzed. The facets of design-driven innovation which contribute to value creation were identified through an iterative coding process. The value of design-driven innovation is created by including a focus on the intangible values of products. Five facets of design-driven innovation which contribute to value creation have been identified: (1) understanding new product meanings; (2) required knowledge; (3) actors and collaborations; (4) capabilities; and, (5) process. These facets, and the connections between them, are presented in a theoretical framework. This paper contributes to theory by presenting the theoretical framework that provides an overview of available knowledge and that creates a context for future research. The main practical implication is that the five facets are connected and reinforce each other. Therefore, companies need to approach design-driven innovation from a holistic perspective.