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The digital transformation of the economy has fundamentally altered the logic of business models, shifting the focus from linear, firm-centric value chains to complex, networked architectures. This narrative review synthesizes contemporary literature to conceptualize digital business models, framing the interplay between digitalization and business model design. We explore how platforms, data, and ecosystem-based value creation have become the central pillars of modern business strategy. The review identifies three core architectural shifts: the emergence of platform-based models that orchestrate value exchange, the rise of data as a primary resource for value propositions and monetization, and the transition from dyadic firm-customer relationships to multi-actor ecosystems. We analyze inherent tensions in these models, such as balancing openness with control and scalability with value capture, which present novel strategic challenges. By integrating findings from key references, this article clarifies the conceptual landscape of digital business models and highlights a departure from traditional configurations. We conclude by outlining implications for strategic management and proposing future research directions to address conceptual fragmentation and dynamic governance issues in digital business model innovation.