Abstract: Serial entrepreneurship is common in China, and extant literature has suggested that serial entrepreneurs differ from inexperienced entrepreneurs in several ways. Existing studies have substantially improved our understanding of serial entrepreneurship, its increased access to capital, the position to learn from earlier experience, insight into this topic remains limited in at least two ways. First, most prior researches shed lights on the individual changes of serial entrepreneurs by studying the learning process and cognitive enhancement, while the understanding on the impact of outside factors on serial entrepreneurs remains limited, there is emerging evidence in entrepreneurship that venture environment has salient influence on entrepreneurial activities. Second, there is a prevailing assumption in existing literature that entrepreneurial passion which indicates strong enthusiasm and perseverance leads to beneficial outcomes, but none of extant researches explores the passion status of serial entrepreneurs and the role of it in serial entrepreneurship, which limited our understanding on the interpretation boundary of passion theory. In this paper, we study the influence of socio-cultural factor (social tolerance) on serial entrepreneurs’ performance through the mediation of entrepreneurial passion and efficacy. We draw on socio-culture literature and entrepreneurship literature, arguing that a tolerance social culture offers serial entrepreneurs a light-hearted environment to overcome failure experiences, and their subsequent venture activities will not suffer from crisis of lacking legitimacy which may hamper their access to resource support, therefor they may easier achieve success under such a tolerant environment. Furthermore, we adopt entrepreneurial passion and efficacy simultaneously to further explain the mechanism of social tolerance on serial entrepreneurship. The sample used in this study includes 225 serial entrepreneurs from 25 provinces in China, all entrepreneurs have at least one time failure experiences. Our results provide support for the antecedent role of social tolerance on passion and venture performance, and provide no support for mediation effects of passion on the performance of the subsequent business, which is consistent with prior research, but confirm the serial mediation effects of passion and efficacy on subsequent venture performance.