Based on the research literature from SCI and SSCI database in 1997-2016, the co-cited references networks, references bursts, keywords bursts, and alluvial flow were visualized with CiteSpaceIII and Alluvial flow to analyze the hotspots and evolution of business model innovation. The future potential hotspots of business model innovation were also explored. The results show: 1) the main hotspots include "creating value", "open source", "business model challenge", etc.; 2) the hotspots change from "information technology" of the late 20th century, "internet", "e-commerce" and "mass customization" of the early 21st century, to the current "cloud manufacturing", "cloud computing", "corporate social responsibility", etc.; 3）the corresponding research results from AMIT R, TEECE DJ, CHESBROUGH H and VENKATRAMAN N are of milestone significance; 4) "virtual reality", "artificial intelligence ", "3D printing" and "simulation research" and so on are likely to become the future hotspots of business model innovation. This study can promote the theoretical development of business model innovation, help scholars to determine business model innovation research direction, and provide guidance and reference for enterprises to carry out business model innovation.