Abstract: Drawing upon organizational design and knowledge governance theory, effective process formalization is conducive to new product creativity, using 206 Chinese firms as the research objects, first test the direct effect of process formalization on new product creativity, and then further analysis the moderating role of knowledge governance, environmental dynamism, and the interaction of them in the relationship between process formalization and new product creativity. Results show that process formalization is positively related to new product creativity; formal knowledge governance negative moderate the relationship between process formalization and new product creativity, while informal knowledge governance positive moderate the relationship between them. Moreover, the three-way interaction effort of process formalization, formal knowledge governance and environmental dynamism is positively related to new product creativity. Implications and suggestions for future research are provided.