Using data collected from 221 enterprises of PRD, this study investigates the effect of the time pacing on innovation performance, the mediating effect of organizational flexibility and the moderating effect of environmental dynamism on the relationship between time pacing and innovation performance respectively. The results show that time pacing has significant positive effect on innovation performance and organizational flexibility; organizational flexibility has significant positive effect on innovation performance. And organizational flexibility plays a partial mediating effect on the relationship between time pacing and innovation performance. Finally, environment dynamism has a positive moderating effect on the relationship between time pacing and innovation performance.