The existence of a business model helps firms to be more successful in creating value and achieving a competitive advantage. This is particularly important in the tourism industry; so that achieving economic, social and environmental sustainability in tourism-prone areas depends on the use of business model components. the current study aims to design a sustainable and innovative business model for dams tourist accommodation in Khuzestan province. This study was conducted using a mixed method approach . In the first stage, using the grounded theory approach, the main components of the business model were identified, and then, using the Delphi technique, the final components of the model were screened and subjected to expert agreement. In all stages of the research, data was collected based on a purposive sampling. In-depth interviews and structured questionnaires were used for data collection in qualitative and quantitative phases, respectively. The findings showed that customer orientation, communication mix, revenue generation, value creation, key elements (including resources, activities, stakeholders, and partners), costing, sustainability, social responsibility, and innovation are among the most important components of the business model in the dam tourism resorts of Khuzestan province. The business model obtained from this research will help the caretakers of the tourist accommodations of dams in Khuzestan province and other parts of the country to improve the performance and quality of the services provided by using sustainable approaches. Paying attention to the components of this sustainable and innovative model can help in protecting the environment and natural resources of the region.