Abstract: Implementing international strategy is of great significance to firm’s innovation, but existing studies have insufficiently explained the moderating and mediating mechanisms. Through constructing a moderated mediation model, it explores the impacting mechanism of the degree of internationalization, network diversity of international innovation partner and international experience on innovation performance. The study shows that geographical diversity and organizational diversity of international innovation partners play a partial mediating role between the degree of internationalization and innovation performance; international experience positively moderates the relationship between the degree of internationalization and network diversity of international innovation partner. International experience positively moderates the mediation role of network diversity of international innovation partner on the relationship between the degree of internationalization and innovation performance, that is, the higher the international experience, the stronger the mediation role of geographical diversity and organizational diversity play. The research provides new ideas for revealing the internal mechanism of the degree of internationalization on innovation performance, and have practical enlightenment for thinking about how to implement international strategy to improve innovation performance.