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The Intellectual Property (IP) management in Open Innovation (OI) is one of the most interesting and debated topic in literature: several authors have highlighted that many different variables influence organizations’ IP choices when collaborating with external partners along the innovation process. The purpose of this work is to identify how these choices are influenced by the type of partners with whom the firm collaborates, and by the phase of the innovation process in which collaboration takes place. In order to achieve this objective, this work was based on a literature review and on two case studies in two Italian companies very active in OI: Finmeccanica and Selex ES. At the end of the analysis, a framework is proposed to identify the use of various mechanisms for IP management along the different phases and with the different partners. This framework emphasizes the importance of the early stages of collaboration to regulate the IP management through contractual instruments such as Non-Disclosure Agreement, Memorandum of Understanding, Joint Development Agreement, and Right to Use, also taking into account the specific context in which cooperation with a specific partner takes place.