Abstract: Previous research lacks attention to the mechanism which the rhythm of firm internationalization affects innovation strategy. From the perspective of time compression diseconomies of absorptive capacity and Cross-Border knowledge transfer, we investigate the intrinsic mechanisms of how the rhythm of firm internationalization affects innovation investment and innovation output, and the moderating role of the organizational slack, industry competition and ownership in this study. Hypotheses are tested through the Chinese manufacturing companies listed from 2010 to 2018. The findings have shown that there is a significantly positive relationship between an irregular and incoherent internationalization rhythm and innovation investment but a negative relationship with innovation output. Furthermore, organizational slack and industry competition strengthen the positive influence of internationalization rhythm on innovation investment, and organizational slack weakens the negative influence of internationalization rhythm on innovation output, and compared to non-state-owned enterprises, the positive impact of internationalization rhythm on innovation investment will be alleviated and the negative impact of internationalization rhythm on innovation output will be enhanced in state-owned enterprises.