Research on journalism innovation has become increasingly relevant for science and practice. The literature shows a great variety of innovations in a wide range of media fields. However, the question of what the most important innovations in different media systems are has not been addressed. This article attempts to fill this research gap by providing a theoretical framework that deals with the function of journalism in society as well as with the multifaceted meaning of innovation in a time of constant media change. We identify and analyze the most important journalistic innovations in Austria, Germany, Spain, Switzerland, and the United Kingdom in the last decade. Interviews with 100 experts reveal diverse innovation efforts. From a total of around 1000 mentions, 50 different types of innovations could be identified; from them, 34 made it into the selection of the 20 most relevant innovations in the countries. Different innovations were found to be of varying importance for journalism development in each country. However, some innovations were ranked high everywhere including data journalism, collaborative and investigative networks, audience participation, journalism in social media and the establishment of paywalls. Further comparative analysis of the media policy frameworks, journalism cultures and contexts for the contribution of journalism to democracy is required.