This paper explores how sustainability can be achieved through open innovation in the current 4th industrial revolution. Through a literature and practice review, we identify micro‐ and macro‐dynamics of open innovation in addition to the dynamic roles of industry, government, university, and society. In particular, the industry continuously adopts open platforms to create and maintain ecosystem innovation. The government’s role has changed from regulation control toward facilitation. Universities have become proactively engaged in multiple areas, from technology transfer to knowledge co‐creation. Societies and customers have started to form new concepts, R&D, and commercialization, resulting in a shared economy. Based on the analysis, we propose a conceptual framework to understand open innovation micro‐ and macro‐dynamics with a quadruple‐helix model for social, environmental, economic, cultural, policy, and knowledge sustainability. Furthermore, this provides an overview of the special issue, “Sustainability of Economy, Society, and Environment in the 4th Industrial Revolution”, which aims to respond to the 4th industrial revolution in terms of open innovation and cyber‐physics from manufacturing to the service industry.