In this paper were analyzed the theoretical-methodological aspects of the role of innovation in achieving competitive advantages on the market. Innovation appears as a decisive factor of companies 'competitiveness but also of companies' sustainability on the market. In this context, companies must invest in their innovative development in order to identify the best measures of innovation either through process innovation, product innovation or marketing innovation. Each of these types of innovation must be analyzed in detail by each company and must identify the innovative potential that the company has in order to generate innovation. The research methods focused on the use of several methods such as: analysis, synthesis, induction, deduction, abduction, comparative analysis, graphical, tabular method. In conclusion, we can mention that one of the most important competitive advantages that a company can have is innovation, which is a source in achieving the sustainability of companies that must be evaluated and analyzed by each company in order to achieve sustainability.