Abstract: Aim Investigation and analysis of significant changes in business management at the turn of the century. Methods The dependence of business management on the types of economy are illustrated, with emphases placed on the introduction and analyses of evolutions in management thinking and the paradigms of innovation in business management. Results and Conclusion Characteristics of business management under various types of economy are illustrated. The development of informatization and knowledge economy has stimulated a new managerial revolution. Integration and fusion, change and innovation, and human based management have become the backbone of the management thinking for the new era. Virtual enterprise, fractal factory and team work are among the vital innovations of the business management paradigm.