This study investigated how cross-functional teams can influence their business model innovation and firm performance through team learning, consisting of multiple modes of within-team, cross-team, and market learning. Using a matched dyadic data set from a study of 330 cross-functional team members and their supervisors sampled from 165 electronics and information industries in China, the empirical results clearly indicate that within-team, cross-team, and market learning can improve business model innovation and firm performance. The results of the mediating model show how the business model innovation mediates the relationship between team learning and firm performance.