Most successful entrepreneurs have experienced entrepreneurial failure, but entrepreneurial failure does not necessarily lead to success. The extent to which entrepreneurs see failure as an opportunity and effective process of learning is vital to new venture development. This study aims to explore the essence and dimensions of learning from entrepreneurial failure and further examine its relationship with team entrepreneurship and new venture performance. We use 292 questionnaires to test the relationships. Results indicate that there are two dimensions of learning from entrepreneurial failure: cognition modification and ability promotion. Relationships between learning from entrepreneurial failure, team entrepreneurship and new venture performance are positive; collective innovation and aggressive cooperation of team entrepreneurship mediate the relationship between learning from entrepreneurial failure and new venture performance.