Abstract: Failure experience is a valuable entrepreneurial experience that provides valuable guidance for subsequent entrepreneurial activities and supports the development of follow-up innovation performance. Based on knowledge management theory and organization learning theory, this paper focuses on the relationship between the leaning of entrepreneurial failure and follow-up innovation performance, a multiple-mediation model is constructed to explore the effects and mechanism of the leaning of entrepreneurial failure, knowledge base, knowledge application and follow-up innovation performance in the context of international new ventures. This paper uses 198 international new ventures with the entrepreneurial failure experience as a sample and uses spss21.0 software and Mplus7.0 software to verify the constructed model. The results show that: (1) there is a significant correlation between the learning of entrepreneurial failure and follow-up innovation performance of international new ventures; (2) knowledge base and knowledge application play a chain mediation role between the learning of entrepreneurial failure and follow-up innovation performance; considering the knowledge base and knowledge application, the relationship between the learning of entrepreneurial failure and follow-up innovation performance is not significant. The research model opens up the black box in the process entrepreneurial failure learning to subsequent innovation performance, which brings some inspiration to entrepreneurs to better carry out the learning of entrepreneurial failure to promote the development of international new ventures .