In this study, effects of open innovation on firm performance in Turkish Food and Beverages Industry are analyzed. Firstly, interviews with 146 Food and Beverages firms which were ranked in 2011 among the first 1000 business enterprises according to the report of Istanbul Chamber of Industry were carried out. Secondly, factor analysis was performed on the internal and external factors and cooperation capability variables which were assumed to affect open innovation, and effects of these factors and similarity among firms in terms of the effects were evaluated. Thirdly, econometric analyses were carried out to reveal the impact of factors that are assumed to affect firms' openness, innovativeness and economic performance. The open innovation activities at the stage of developing new ideas and collaborative activities with public agencies were found to increase innovation performance of firms. Developing new ideas and collaboration with consumers and input providers has the possibility to increase firms economic performance.