By reviewing the theories of dynamic capabilities and organizational learning and taking ambidextrous learning as moderating variable, this paper constructs a theoretical model which proves that technological capability and marketing capability influence NPD performance, and puts forward corresponding hypotheses. The empirical results from 213 Chinese firms show that the relationships between technological capability, marketing capability and NPD performance vary depending on different learning ways. Moreover, balanced ambidextrous learning plays opposite moderating roles on the effects of technological capability and marketing capability.