Abstract: The aim for this study is to explore the change of relationship between manufacturing dynamic capabilities and enterprise performance in different level of dynamism of the firm’s external environment. Data from International Manufacturing Strategy Survey in 2009 was used to examine this relationship by hierarchical regression analysis. The results show that, dynamic capabilities can promote enterprise performance. A nonlinear, inverse U-shaped moderation is revealed, implying that the relationship between dynamic capabilities and enterprise performance is strongest under intermediate levels of dynamism but comparatively weaker when dynamism is low or high. These results improve the contingent relationship of dynamic capabilities and enterprise performance, providing theoretical and practical guidance to manufacturing enterprises for dynamic capabilities building.