Innovation can be a key mechanism to address some of society's greatest challenges, or it can contribute to them. There is extensive conceptual academic literature focused on how policy can be used to create more positive societal and environmental impacts through innovation, however, little empirical evidence exists to understand to what extent innovation policy in particular embeds the principles of social and environmental sustainability into its discourse. We aim to address this lack of evidence by using a critical discourse analysis and corpus linguistics approach to explore how UK Innovation Policy embeds the concepts of societal and environmental impact, and how it balances these at times conflicting paradigms into policy documents. We find that although there is some inclusion of key environmental and societal words these are predominately secondary to economic themes, signalling a ‘business as usual’ approach to innovation policy.