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In this study, the panel co-integration test combined with structural breaks was used to explore the long-term co-movement between FDI and patent and trademark applications, in accordance with 33 OECD countries from 1999 to 2018. The robust results demonstrate that both innovation variables including patent and trademark co-move with FDI in the OECD sample. Furthermore, this long-term co-movement of FDI and innovation experiences some structural breaks during the period 2003-2010. Finally, there is a long-term co-movement between FDI inflows and innovation activity in OECD countries.