Abstract: This paper applies organizational ambidexterity theory to network embeddedness research field and puts forward the concept of dual network embeddedness ambidexterity. Then it empirically explores the effect of dual network embeddedness ambidexterity on returnee entrepreneurial performance and the moderating role of absorptive capability and policy environment. Based on survey data from 177 returnee entrepreneurial firms in Yangtze River Delta and Pearl River Delta, empirical research results indicate that the combined ambidexterity and fitted ambidexterity of local network and oversea network both have significantly positive effect on the returnee entrepreneurial performance. Moreover, absorptive capability and policy environment both have significant negative moderating role on the relationship between the combined ambidexterity of local network and oversea network and returnee entrepreneurial performance while significantly positively moderate the relationship between the fitted ambidexterity of local network and oversea network and returnee entrepreneurial performance. The research results have important implications for the research field of organization ambidexterity and network embeddedness and the growth practice of returnee entrepreneurial firms.