Alliance management capability can be considered a special type of enterprises` dynamic capability, which comprises different kinds of organizational routines in theory, including inter-organizational coordination, alliance portfolio coordination, inter-organizational learning, organizational sensing and alliance organizational transformation. Data from the survey conducted in 313 innovative firms in Pearl River Delta support the second order construct of alliance management capability, and the analysis based on structural equation model shows that alliance management capability has a positive impact on value creation in alliances and mediates the effect of alliance development, alliance experience and alliance organizational structures on value creation in alliances. More specifically, alliance management capability fully mediates the influence of alliance experience and alliance organizational structures on value creation in alliances, and partially mediates the influence of alliance development on value creation in alliances.