The article analyzes the development of business models from the 1970s to the present and their adaptation to technological changes. The study traces the key stages: from the conception of the concept as a structure of internal processes to the formation of a theoretical framework and the transition to digital ecosystems. Special attention is paid to the impact of technology – from personal computers and the Internet to AI, blockchain and IoT. The article examines two stages of digitalization and modern transformation, where fully digital models and modernization of traditional ones stand out. The contribution of modern researchers - Rangen (digital ecosystems), Tutubalina (AI in processes), Samsonov (stochastic models) and Prostokvashin (low-code solutions) - highlights the relevance of flexibility and innovation. A future with quantum computing and biotechnology is predicted, where success depends on combining technology with thoughtful models. The article highlights the inextricable link between strategy and business model, as well as the challenges of digitalization in an uncertain environment.