This paper sets organizational learning and dynamic capabilities as mediator variables to connect political connections and organizational performance, finally build a theory model including political connections, organizational learning, dynamic capabilities and organizational performance. Then an empirical test is managed by SEM method with 166 enterprises in Pearl River Delta region of Guangdong as respondents. The result shows that for enterprise whether and how political connections affect its performance is multiple influenced by the industry where it’s in and the characteristics of it. In this regard, for nonknowledgeintensive enterprises, political connections can improve the performance indirectly through organizational learning and dynamic capability as mediator variable. However, political connections have no significant effect on organizational learning, dynamic capabilities as well as performance for knowledgeintensive enterprises.