The relevance of the Internet of Services (IoS) comes from the global reach of the Internet into everyone’s home and daily activities and from the move from a manufacturing-based economy to a service-based economy. The IoS is seen as a new ecosystem where service providers and consumers explore their business networks for service provision and consumption. The scientific literature refers to IoS as an important cornerstone for Industry 4.0 and Future Internet; thus, it becomes relevant to study how IoS interacts with business models. Nevertheless, there is a lack of clarity on such an intersection. Moreover, a systematic review of IoS-based business models is still missing. This paper aims to make a systematic review of IoS-based business models and their application fields. We included studies from Scopus and Web of Science databases, we excluded duplicated papers and short conference versions of the later full paper journal publications. Twenty-three different studies are presented, categorized in the sub-areas of IoS, and then by the fields of applications. The main finding highlights the opportunities of IoS applications in different fields, offering directions for future research on this new arena.