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Organizations have indicated renewed interest in service innovation, design and management, given the growth of service sector. Decision support systems (DSS) play an important role in supporting this endeavor, through management of organizational resources such as data and models. Given the global nature of service value chains, there have been ever increasing demands on managing, sharing, and reusing these heterogeneous and distributed resources, both within and across organizational boundaries, through DSS consisting of database management systems (DBMS) and model management systems (MMS). Analogous to DBMS, model management systems focus on the management of decision models, dealing with representation, storage, and retrieval of models as well as a variety of applications such as analysis, reuse, sharing, and composition of models. Recent developments in the areas of semantic web and ontologies have provided a rich tool set for computational reasoning about these resources in an intelligent manner. In this chapter, we leverage these advances and apply service-oriented design principles to propose an ontology-based model management architecture supporting service innovation. The architecture is illustrated with case study scenarios and current state of implementation. The role of potential information technologies in supporting the architecture is also discussed. We then provide a roadmap to make advancements in research in this direction.