Abstract:The influence of S T Enterprises’ interactive learning on dynamic capabilities and competitive advantage in RIS does not get enough academic research attention. Based on the framework comprised of learning, capabilities and competitive advantage, this study explores S T Enterprises` two kinds of dynamic capabilities- Alliance management capability and New product development capability how to effect the relationship between Multi-dimensional Interactive Learning and Competitive Advantage. Results based on the data from 313 S T Enterprises in pearl river delta show that different kinds interactive learning all have positive effects on New product development capability, New product development capability not only have a positive effect on competitive advantage, but also have full mediated effects on the influence of vertical interactive learning, interactive learning with knowledge generating organizations, and interactive learning with S T servicing organizations on competitive advantage, and has a partial mediated effect on the influence of horizontal interactive learning on competitive advantage. Moreover, alliance management capability have positive moderated effects on the influence of vertical interactive learning, interactive learning with knowledge generating organizations, and interactive learning with S T servicing organizations on New product development capability, besides has a direct positive effect on the enterprise’s New product development capability and competitive advantage.