Innovation constitutes a novelty which brings about change that affects a variety of stakeholders, and innovation ethics concerns critically thinking about the impact and the values at stake when engaging in an innovation process. This paper surveys the reasons for discussing innovation ethics, ways in which it is discussed, including autonomous approaches, deliberative approaches, and the practice and research on Responsible Research and Innovation. The paper also indicates the barriers to innovation ethics in the private sector and in a global competitive environment. In a final discussion, based on our conception of ethics, we argue that innovation ethics must promote critical thinking and avoid reification of values; needs to also focus on care and maintenance of existing values; is processual and iterative and cannot be just invention ethics; needs to be open to innovation in a variety of contexts; and acknowledges the infinite demands of ethics, but still is action-oriented.