Abstract: Exploratory innovation and exploitative innovation are important for firms’ sustaining of their competitive advantage. Entrepreneurial orientation(EO) and learning orientation(LO), on the other hand, may facilitate the noted two types of innovation with their pro-activeness, innovativeness, aggressiveness, and the intention towarding continuous study, but in different ways. Therefore, to investigate the different mechanisms and the moderating effect of market competition, this study builds a conceptual model which depicts the relationships between strategy orientation, technology innovation and market competition. Using 404 firm-level survey data, the results show that (1) compared to LO, EO has a stronger positive effect on exploratory innovation and a weaker positive effect on exploitative innovation. (2) as the market competition goes high, EO leads to high level of exploratory innovation while LO leads to low one. This study contributes to the relationship research of strategy orientation with technology innovation and innovation management practice under the fierce competition.