This research employs a content analysis method and systematically reviews existing studies with a focus on the concept of business models. The study analyzes the composition of business model from ontology and epistemology. Based on the results of content analysis, this study proposes a comprehensive framework. This analytic framework comprises eight components and integrates practical characteristics as well as conceptual aspects. In addition, with the lens of philosophy of science, this study examines business models from four perspectives including concrete structure, concrete process, realm of symbolic discourse and social construction. Besides, this research offers suggestions for future research.