Abstract: Although technology commercialization is critical for firms’ survival and development, we know little about how to make successful technology commercialization in existing research. Drawing on dynamic capability theory, this paper discusses how the interaction effects of technological capability and strategic flexibility impact technology commercialization success under the transitional economy background. Especially, we focus on the role of corporate entrepreneurship which consists of innovation, venturing and strategic renewal, and build a mediated moderation model. The empirical results from a sample of 251 firms in China show that the interaction of technological capability and strategic flexibility contributes to the success of firms’ technology commercialization with corporate entrepreneurship as a mediator, supporting the proposed mediated moderation effect. In this way, the mechanisms of how firms can achieve successful technology commercialization in the context of emerging economies have been discovered. It not only extends theories in the fields of technology commercialization, dynamic capability etc., but also provides some practical guidance for firms concerning technology commercialization.