The　headspring　and　the　basis　of　the　enterprises＇　continuous　success　in　the　competition　are　to　maintain　and　develop　the　core　dynamic　capacity　(CDC).　The　characteristics　of　the　enterprises＇　CDC　are　inimitability,　irreplaceability,　which　comes　from　the　tacit　knowledge　behind.　The　essence　of　CDC　is　the　tacit　knowledge　because　the　tacit　knowledge　is　inimitable.　This　paper　analyzes　the　relationship　between　the　tacit　knowledge　and　CDC,　and　sets　up　a　model　which　shows　how　CDC　comes　into　being　in　the　view　of　the　tacit　knowledge　management.