The presented work examines the impact of digitalization on business models and their transformation due to modern realities. Various approaches to defining the concepts of digitalization and knowledge economy are considered, disagreements in the formulation of definitions and approaches to them by various scientists are identified, and the relationship between these processes is established. Traditional business models and business models arising from the emergence and implementation of innovative technologies, their specificity and differences are described. Possible challenges and risks facing businesses, determined by the specifics of the use of digital technologies, as well as possible ways to reduce them are described. The results of the study suggest that modern conditions force enterprises to transform business models, expanding their capabilities, increasing competitiveness and flexibility, which is especially important in a rapidly changing environment.