This study examines the relationship between exploration learning and exploitation learning and firm performance and the interaction effects of the two learning strategies. Empirical results from a sample of small-medium size firms(SMEs) are as follows. First, the exploration and the exploitation learning are complementary constructs. Second, the relationships between both learning and organizational performance are not invert U shape style. The relationship between the exploration learning and the competitiveness of organization is linear and positive. The relationship between the exploitative learning and sales volume per man is nonlinear and U shape style, indicating that the exploitative learning is negative effect on the firm performance when it performs insufficiently, but positive effect when it performs sufficiently. Finally, the moderating effects of the exploration and exploitative learning on performance is not supported. This result means that the ambidextrous organization is not superior in their performance than the organization concentrating on only one type of learning in Korean SMEs.