The article reveals the relationship between operational capabilities and dynamic capabilities,as well as their knowledge base,and raises a dynamic capabilities model based on the evolution of knowledge.Then the article establishes a link between the activities of knowledge and three dimensions of the dynamic capabilities framework,and simultaneously establishes a close link among dynamic capabilities,changing stages of (operational) capabilities and the evolution of knowledge,using the concept of capability lifecycles,and expounds that changing stages of (operational) capabilities reflect the role of dynamic capabilities,and also correspond to the steps of the evolution of knowledge,thereby,further proves the knowledge base of dynamic capabilities.