Abstract: Opportunity is the core element of digital entrepreneurship. Under the influence of digital technologies, the iteration of opportunities is particularly obvious. However, few scholars explore and examine the continuous iteration mechanism after the implementation of initial opportunities in the context of digital entrepreneurship. In the digital economy, customer feedback is an important driver of opportunity iteration, so customer orientation is an important strategic direction for digital new ventures, but whether it helps digital new ventures to iterate their opportunities needs to be further tested. Based on the perspective of social constructivism, this paper aims to explore the influence mechanism of customer orientation on the opportunity iteration in digital new ventures. Empirical data were collected from 241 digital new ventures in China through a survey. Mediation and moderation model assessment procedures are used to analyze the data. The empirical data analysis results show that customer orientation has a positive impact on opportunity iteration in digital new ventures, and entrepreneurial learning plays a fully mediating role in the above relationship. Moreover, market turbulence positively moderates the influence of customer orientation on entrepreneurial learning and strategic consensus positively moderates the impact of entrepreneurial learning on opportunity iteration in digital new ventures. Our findings provide important management implications for digital new ventures to realize opportunity iteration effectively. Our research has significant theoretical implications in three aspects. Firstly, this study systematically constructs and empirically tests the opportunity iteration mechanism model of digital new ventures, which promotes the theoretical development of opportunity iteration in the digital context. With the rapid development of digital technology, the boundary of digital opportunities is more blurred and the iteration of digital opportunities is significantly enhanced. However, the mechanism of opportunity iteration in digital context needs to be further explored and empirically tested. This paper introduces the perspective of social constructivism to reveal the mechanism of customer orientation and entrepreneurial learning on opportunity iteration. The research inspires more scholars to focus on the mechanisms of digital opportunity iteration. Secondly, this study reveals the mechanism of customer orientation on opportunity iteration in digital new ventures, which fills the research gap of the influence of customer orientation on digital entrepreneurial activities. Existing studies mainly focus on the impact of customer orientation on enterprise innovation and performance in traditional entrepreneurial contexts. This paper enriches our understanding of how customer orientation plays a role in digital entrepreneurship by exploring the impact of customer orientation on opportunity iteration and the mediating role of entrepreneurial learning in digital contexts. Finally, this paper provides new insights into the antecedents and effectiveness of entrepreneurial learning in digital contexts. Although some scholars find that digital technology provides more new space for learning, few studies focus on the antecedents and effects of entrepreneurial learning in the digital context. This paper verifies the effect of customer orientation on entrepreneurial learning and opportunity iteration of digital new ventures, and reveals the moderating effects of market turbulence and strategic consensus. The research helps to provide an empirical basis for research on entrepreneurial learning in digital contexts.