Present era has witnessed the evolution of economy from traditional and manual to technologically acquaint economy that engenders knowledge-intensive industries. In this context, intellectual capital resources have gained significance and these resources now reflect organizations’ real value (Taie, 2014). Business organizations have now realized a significant fact that such resources are crucial factor for attaining competitive advantage (Eid, 2018). Today’s turbulent environment also needs to focus more on open innovation and organizational learning capabilities that serves as a strategic tool to enhance desirable organizational results as well as improves its competitive position. The purpose of this paper is to scrutinize the linkages between intellectual capital and its dimensions, organizational learning capabilities, open innovation and organizational effectiveness and to develop an integrative conceptual framework. A comprehensive integrative literature review from peer-reviewed journal articles, books and conference papers addressing intellectual capital was carried out. This paper also presents a comprehensive set of literature for deep and better understanding on the nature, role and importance of intellectual capital and its dimensions for improving organizational effectiveness through mediating role of open innovation and organizational learning capabilities. Finally, managerial implications and the future research directions are discussed.