In the contemporary knowledge-based economy, intellectual assets are recognized as one of the most critical sources of sustainable competitive advantage. However, despite the growing body of research, the literature lacks an integrated framework that systematically explains all dimensions affecting intellectual property (IP) strategy formulation with a specific focus on innovation in the context of knowledge-based firms. This study aims to identify and explain the key factors influencing IP strategy formulation with a focus on innovation in knowledge-based firms and to provide an integrated conceptual framework. The research methodology is based on a qualitative approach using the seven-step meta-synthesis method proposed by Sandelowski and Barroso (2007). The research population includes scientific articles, specialized books, and the international standard ISO 56005:2020 published between 2000 and 2026. From an initial pool of 265 sources, after applying inclusion/exclusion criteria and quality assessment using the Critical Appraisal Skills Programme (CASP), 32 sources were selected for final analysis. A three-stage coding process — open, axial, and selective coding — resulted in the identification of 7 main dimensions, 34 components, and 102 operational indicators: Strategic, Managerial and Organizational, Resources and Intellectual Capital, IP Protection, Innovation and Technology, Environmental and Ecosystem, and Competition and Performance. The primary innovation of this study lies in three areas: presenting the first integrated framework explaining all seven dimensions in interaction; merging open innovation literature with IP strategy in a single model; and focusing specifically on knowledge-based firms as the unit of analysis. Findings indicate that IP strategy formulation is a multidimensional and interactive process in which open innovation acts as the primary driver. The proposed framework can serve as a strategic foundation for policymakers, managers of knowledge-based firms, and researchers in technology and innovation management.