Motivated by the increasing number of calls for focusing our research to address the Grand Challenges of modern society, this paper reviews the literature on inclusive innovation from the perspective of multinational enterprise as a focal actor. In this paper, the concept of inclusive innovation (any innovation that integrates otherwise marginalized groups of people into economic processes) is seen as a solution for otherwise excluded members of our society to be integrated into some aspect of the innovation. The most populous, but also the poorest markets of economically and socially excluded people are usually referred to as the bottom of the pyramid (BOP). While poverty and social inequality are the Grand Challenges for our society, we believe that inclusive innovation initiatives led by multinationals can be a part of a solution for the BOP markets. Being interested both in fostering innovation and developing new markets, multinational enterprises seem to have not only an intrinsic motivation but also required resources for the development of inclusive innovation at the BOP. This systematic literature review synthesizes available research from business and management journals, aiming to enhance our understanding of the activities of multinational enterprises in the attainment of inclusive innovation at the BOP.