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Multinational enterprises create and capture value through appropriate business models that fit both distinctive capabilities and dynamic markets. The key elements of a global business model include propositions for adding customer value and capturing a share of that value, methods to control, deploy, and utilize critical resources, and integrated processes that deliver value to target global customers. These factors explain the diversity in business models, with international competition in geographically dispersed markets further fortifying this diversity and complexity. This article demonstrates ways forward in theorizing about business models, applying these models in the global context, discussing capabilities and strategies necessary for value generation from a global business model, and relating the choice of model to the strategic context of the modern multinational firm.