Based on the unique disadvantaged background of new ventures, we analyze the key factors affecting the competitive advantage of new ventures. Learning from the experiential learning theory and the strategic management theory, we construct the mechanism model of the influence of entrepreneurial learning on the competitive advantage of new ventures, and propose the role of entrepreneurial strategy in this influencing process, to reveal systematically the intrinsic relationship between entrepreneurial learning, entrepreneurial strategy and the competitive advantage of new ventures. The following conclusions are obtained by validating relevant models and hypotheses through the data analysis of 115 valid samples in Beijing and Shanghai.（1）Entrepreneurial learning includes two types, namely, experiential learning and observational learning, both of which have a positive impact on the competitive advantage of new ventures.（2）Different types of entrepreneurial strategy have different influences on the competitive advantage of new ventures. Under the unfavorable conditions such as the shortage of resources, exploitative strategy is more helpful for new ventures to gain the competitive advantage. However, the empirical analysis shows that new ventures’ implementation of exploratory strategy has no significant effect on its competitive advantage.（3）The empirical analysis of this study shows that exploitative strategy plays a mediating role between experiential learning, observational learning and the competitive advantage of new ventures. However, the mediating role of exploratory strategy between entrepreneurial learning and the competitive advantage of new ventures is not significant. This study integrates the relevant theories of entrepreneurial learning and strategic management, discusses the impact of entrepreneurial learning on the competitive advantage of new ventures, and analyzes the path mechanism of entrepreneurial strategy in the process of entrepreneurial learning affecting the competitive advantage of new ventures, thus making up for the lack of relevant theoretical research. The theoretical contribution of this research is reflected in the following three aspects:（1）We reveal the impact of entrepreneurial learning on the competitive advantage of new ventures. The existing research mainly analyzes from the perspective of strategic management and focuses on how large enterprises obtain the competitive advantage through the strategic process. Less research is based on the characteristics of new ventures and the perspective of learning behavior to explore how new ventures can gain the competitive advantage.（2）We explore the role of entrepreneurial learning in entrepreneurial strategy. Most studies on entrepreneurial strategy have focused on exploring their impact on enterprises’ development, ignoring what factors contribute to the formation of entrepreneurial strategy of new ventures.（3）Based on the intermediary variable of entrepreneurial strategy, the indirect effect of entrepreneurial learning on the competitive advantage of new ventures has been explained. This conclusion helps to guide Chinese entrepreneurs to adopt a reasonable learning path in a highly uncertain environment, effectively use the internal and external knowledge of new ventures, and thus use the matching entrepreneurial strategy to survive and compete in the fierce market to get a relative advantage.