This　study　investigates　the　inter-relationships　among　organizational　learning,　knowledge　transfer　and　dynamic　capabilities.　Based　on　175　questionnaires　from　Chinese　high-tech　companies,　this　paper　implements　a　structural　equation　model　to　test　the　research　framework　and　hypotheses.　The　results　show　that　organizational　learning　has　direct　positive　impact　on　knowledge　transfer　but　no　direct　positive　impact　on　organizational　dynamic　capabilities.　In　addition,　knowledge　transfer　plays　an　Intermediary　role　between　organizational　learning　and　dynamic　capabilities,　and　has　direct　positive　impact　on　organizational　dynamic　capabilities,　which　indicates　that　knowledge　transfer　activities　is　very　important　to　Chinese　high-tech　companies　for　technological　and　knowledge　management　activity　under　the　rapid　changing　Industrial　environment.