This paper selects the enterprises that have carried out R&D internationalization in knowledge intensive industries in China as a sample to explore the impact mechanism of R&D internationalization on innovation performance from the perspective of dynamic capability, and the moderating role of the characteristics of TMT. The study indicates that R&D internationalization has a significant positive impact on innovation performance. R&D internationalization promotes innovation performance by improving the dynamic capability. Both executives’ overseas background and social capital play a positive role in moderating the mediating mechanism of dynamic capability between R&D internationalization and innovation performance. This paper is of great significance to carry out a mechanism test on the relationship between R&D internationalization and innovation performance, which has important value for the theoretical research and practice of R&D internationalization.