Innovation consortium, as a novel organizational form that links complementary innovation entities to address scientific and technological challenges, is of great significance for strengthening the dominant position of enterprises in scientific and technological innovation, unblocking the transmission of innovation resources, and enhancing scientific and technological innovation capabilities. However, research in this field remains in a fragmented and nascent stage, with a lack of consensus or even conflicting definitions of its connotation. In light of this, this paper first traces the theoretical origins of innovation organizations and clarifies the connotative attributes of innovation consortia from four dimensions: mission objectives, value propositions, structural relationships, and boundary scopes. Second, it collects core literature data from the CNKI and WOS databases and employs Python for keyword analysis to identify the research themes of innovation consortia. Third, from the perspectives of stakeholder role division, resource capability, and conflict governance, it systematically reviews the co-construction mechanism and effectiveness of innovation consortia, and thus constructs an integrated theoretical framework for innovation consortia in the context of China’s scientific and technological innovation. Fourth, it proposes future research topics from five aspects, with the aim of helping to build a theoretical system of innovation consortia rooted in Chinese practice, develop the innovation organization theory, contribute “Chinese wisdom”, and provide insights and references for the government and enterprises to form innovation consortia for scientific and technological innovation and move towards scientific and technological self-reliance and self-strengthening.