The relationship between openness and innovation performance has always been a hot topic in the field of innovation management. However, the studies have ignored the role of dynamic capabilities needed for open innovation. The paper discusses the relationship between openness and innovation performance within the role of dynamic capabilities. An empirical research by using effective data from 246 companies in China is conducted, and the results show that the degree of breadth has distinct positive impact on innovation performance; However, the degree of depth taking an inverted U shape with innovative performance; and dynamic capabilities positively affect the relationship between openness and innovation performance, so companies should develop dynamic capabilities appropriately depend on openness.