Despite the close relationship between the innovation research and the diversity research in innovation activities with diverse members, there seems to be no comprehensive examination of the two research fields. The purpose of this paper is to attempt a multifaceted review of the innovation and diversity researches, and to suggest future directions for advancing researches on diversity managements in innovation activities. Specifically, we clarify that the innovation and diversity researches are complementary to each other in understanding diversity managements in innovation activities. In addition, we propose the design of incentives oriented toward stimulating "diverse contributions by diverse individuals" as a research agenda for the study of effective diversity management in innovation activities.