The digital economy is reshaping global growth and competition, spawning novel business models and profoundly influencing corporate operations. Using a techno-economic paradigm and value-system lens, a bibliometric and case-based review of studies from 1998-2023 identifies a three-stage evolution model: introduction (product empowerment), expansion (platform extension), and maturity (ecosystem collaboration). Across these stages, value propositions expand from single to multidimensional, value creation and delivery shift from diversified to precise, and value capture evolves from flexible to network-oriented. Iterative digital technologies and the dynamic restructuring of value systems act as the primary drivers, while scenario-based value, co-creation, and ecosystem returns emerge as key innovation frontiers.