Abstract: Applying the research method of multi-case study, this paper explores how the science-based innovation opportunity evolves dynamically from scientific discovery to innovation, and then to the innovation diffusion with the latecomer firms involved. The research finding shows that how the science-based innovation opportunities are shaped and developed, is the result of joint effects of external environmental factors and internal efforts of latecomer firms. The process includes serendipity in science engendering, chance of participating in emerging scientific research shaping, the innovation opportunity creating, the innovation opportunity releasing, the new round of serendipity in science engendering. The different forms and characteristics of innovation opportunities in different stages of the process determines that the latecomer firms should have corresponding action. These actions are characterized by being rhythmic and sequential. The finding shows that in the science-based innovation, the latecomer firms should deeply understand the decisive role of preemption to the overall innovation conditions, and through the integrated development of cross-disciplinary and cross-application fields, the latecomer firms can grasp the potential opportunity released form actual opportunity.