With technological advancements, entrepreneurship and online businesses have experienced significant growth. Among them, sharing economy businesses are recognized as a new opportunity for achieving the United Nations’ Sustainable Development Goals. One of the most important research challenges is identifying innovations that help businesses transition toward sustainable models. These innovations define the path for transforming an ordinary business into a sustainable one. The core innovation of this study is the development of an operational model for sustainable business model innovation within the sharing economy, specifically in the tourism industry—an area that previous studies, particularly in the context of developing countries such as Iran, have not adequately addressed. A total of 22 semi-structured interviews were conducted to reach theoretical saturation. Thematic analysis was used to analyze the data, following the standard framework proposed by Braun and Clarke (2006). In addition, Atlas.ti software—recognized for its visual features in qualitative data analysis—was utilized. After ensuring the validity and reliability of the study and subsequently analyzing the interview texts, 53 initial themes were identified. The findings of the present research indicate three main themes: technological sustainable innovation, socio-environmental sustainable innovation, and organizational development sustainable innovation. It was also revealed that the main theme of technological sustainable innovation consists of three sub-themes: technology-based efficiency improvement, technology-based value creation, and optimal resource utilization. The theme of socio-environmental sustainable innovation also includes three sub-themes: mediation and social responsibility, performance-based service provision, and the promotion of an environmental perspective. Furthermore, the theme of organizational development sustainable innovation comprises three sub-themes: supportive role execution, competitive advantage derived from sustainability reputation, and value-oriented organizational development.