Abstract: The relationship between entrepreneurial orientation and firm performance is a frequently discussed issue in the field of corporate entrepreneurship. This study introduces two distinctive innovation modes, corporate-level non-technological competitive strategy innovation and product-level original technological innovation, into the relationship between entrepreneurial orientation and firm performance. We also differentiate firm performance into financial performance and innovative performance. An integrated model among entrepreneurial orientation, innovative mode, and firm performance is built and empirically tested using 303 paired Chinese survey questionnaires. Results indicate that: entrepreneurial orientation contributes to competitive strategy innovation and original product innovation, but with a stronger impact on the latter; competitive strategy innovation is beneficial to financial and innovative performance, but with a stronger influence on the former; original product innovation positively affects innovative performance but cannot significantly influence financial performance; competitive strategy innovation is a partial mediator between entrepreneurial orientation and financial performance, and original product innovation partially mediates the relationship between entrepreneurial orientation and innovative performance.