This study examines the effect of ethical leadership as a key factor for corporate sustainability on LMX and organizational trust, and the effect of LMX and organizational trust on employees’ innovative behavior that affects corporate competitive advantage and survival. As a result of the study, first, it was confirmed that ethical leadership affects LMX and organizational trust. Second, it was confirmed that LMX and organizational trust had a positive effect on employees’ innovative behavior. Third, it was confirmed that LMX and organizational trust mediate the relationship between ethical leadership and employees’ innovative behavior. Fourth, it was confirmed that organizational identification moderates the relationship between organizational trust and innovative behavior. Accordingly, for corporate sustainability, it is necessary to enhance the quality of the relationship between leaders and subordinates by reinforcing ethical leadership, increasing employee trust in the organization, and by doing so, inducing employees’ innovative behaviors for the sustainable business of the company.