Embedded in the case study of Cheetah Game’s internationalization, our study leverages the lens of ecosystem-specific advantages (ESAs) to investigate the strategy evolution and underlying mechanism in the context of digital globalization. Our study shows that, during the internationalization process of platform firms, the creation of ESAs is reliant upon the learning from both the home market and the foreign markets, and helps them leverage internalization and externalization advantages. The transfer of ESAs depends on location-bound advantages, as well as non-location-bound advantages, via the critical activities such as resource orchestration and value proliferation. The upgrading of ESAs is based on the platform’s ecosystem governance and dynamic strategies via relationship commitments and bottleneck strategies. Our study extends the studies of the Uppsala model, international new venture, and ESA, emphasizes on digital technology’s role in reshaping business models and organization structure, and hence provides managerial implications for the dynamic strategic decisions of platform firms during their internationalization process.