The article is devoted to studying sustainable business models and the effects of building "smart" grids. To achieve this goal, we used a scientific review of literature sources from the Scopus® database for 2017-2021. In the course of the research, a sample of 3540 publications on the topic SciVal T.8491 "Business Model Innovation; Sustainable Business; Digital Transformation. " The results of the scientific review highlight and analyze the most active identified institutions and authors who have published work in sources indexed by the Scopus® database on the topic SciVal T.8491. The fundamental directions of research of sustainable business models are identified, which are closely connected with the investigation of digital business models, industry 4.0, cloud technologies, the Internet of Things, directions of adaptation, and dissemination of sustainable business models. In the context of smart grids, sustainable business models are considered from the study of distributed generation, various decentralized energy technologies, from demand management technologies to energy storage technologies in the system. The authors evaluate and prove the effectiveness of the construction of virtual power plants, the possibility of integration into a single system of distributed energy resources and energy storage systems, describe the methodology of operation and control of microgrids given the massive deployment of smart grids. They carry out systematization of business models of smart networks based on the Internet of Things; offer approaches to deploying smart grids based on blockchain technology. This article discusses the environmental and economic effects of smart grids deploying. Thanks to the results of a scientific review of sustainable business models and the effects of building "smart" grids, current energy market players have the opportunity to consider current requirements for the operation of smart grids and, if necessary, revise their business models. Deploying smart infrastructure improves the country's energy independence, achieves targets for the use of alternative (renewable) energy sources, and increases the country's energy security while reducing import dependence on energy resources.