Based on the unbalanced panel data of 119 listed corporations during 2004～2013 in manufacturing industry, this paper uses negative binomial regression model and empirically tests the impact of repeated cooperation among R&D network members on ambidextrous innovation and discusses the moderating effect of internal technical capability and external environment turbulence on the relationship between repeated cooperation and ambidextrous innovation from the perspective of internal and external organization contexts. The results show that repeated cooperation has an inverted U-shaped relationship with firm’s exploitative innovation and exploratory innovation, the enhancement of the repeated cooperation will firstly inhibit the exploration innovation, and then inhibit exploitative innovation. And both technical capability and environmental turbulence have a significant meditative effect on the relationship between repeated cooperation and the firm’s ambidextrous innovation．