Business model is related to the success or failure of the enterprises, the fit between strategy and business model is beneficial to the sustainable competitive advantage of the enterprise. By using an original data set of 123 firms in China, this study aims to examine the impacts of the fit between business model and transboundary search strategy on the innovation performance. The results show that: efficiency-centered business models coupled with the transboundary search of technological knowledge and the novelty-centered business models coupled with the transboundary search of market knowledge can enhance innovation performance. We also find that the transboundary search strategy moderates the relationship between business model and the innovation performance: with the transboundary search of technological knowledge，the impact of the efficiency-centered business models on the innovation performance is increasing; the novelty-centered business models with the transboundary search of market knowledge increase the innovation performance.