Leveraging internal corporate venturing todevelop new businesses and drive organizational innovation has become a critical strategy for established organizations navigating dynamic environments and intense competition. However, as the entrepreneurial entities, internal corporate ventures often face constraints from their parent companies’ managerial controls. The impact of venture planning autonomy on venture performance remains academically contested, with a particular scarcity of systematic research on its underlying mechanisms and boundary conditions.Drawing on organizational control theory, this study examines the influence of venture planning autonomy on venture performance and its impact mechanisms. The empirical analysis results reveal that: (1) Planning autonomy positively affects venture performance; (2) Dual innovation capability (i.e. exploitative and exploratory capabilities) mediates the relationship between planning autonomy and venture performance; (3) Both parent corporate slackresource and the environmental dynamism of the venture’s industry positively moderate the relationship between planning autonomy and venture performance. This research provides a new theoretical perspective on the relationship between venture planning autonomy on venture performance. It helps enrich and expand theoretical understanding of the effects of autonomy in the field of internal corporate venturing and offers valuable insights for internal corporate ventures management practices within established organizations.