Innovation topics within a technology can be defined as generalized technical subjects that the technology desires to develop or improve. Since innovation topics act as a driving force for technical innovation, monitoring such concepts is necessary for understanding the current technology and directing further R&D. However, little attention has been paid to identifying latent innovation topics within a technology, and analyzing their relationships and potential for opportunity. Therefore, this paper proposes a multi-step approach to technological innovation topic analysis, on the basis of patents. The steps consist of: 1) structuring patent-keyword vectors; 2) identifying innovation topics based on semantic patent analysis; 3) constructing an innovation topic network; and 4) generating an opportunity-focused innovation topic map. The process of our approach is illustrated using patents that are related to augmented reality. This method can contribute to the systematic monitoring of a technology system’s innovation topics and their potential.