In the face of the facts that the failure rate of entrepreneurship is always remain high, hybrid entrepreneurship plays the important role in effectively dispersing risks and accumulating entrepreneurial skills and experience. Based on the perspective of entrepreneurial learning, this paper makes an exploratory study on the process of hybrid entrepreneurship by grounded theory. Research shows that the dual process of “doing by learning” and “learning by doing” in hybrid entrepreneurship is one of the important reasons for maintaining hybrid entrepreneurship;“Doing by learning” is achieved through inwardoriented learning to acquire workspecific information and skills, reduce the search and opportunity costs required for outwardoriented learning, and realize entrepreneurial capability transfer, ultimately;“Learning by doing” is achieved through outwardoriented learning to make full use of resources, gets entrepreneurial knowledge open, and breaks the learning time and knowledge source limitations in inwardoriented learning, and realizes entrepreneurial capability integration, ultimately; Entrepreneurial capability transfer and entrepreneurial capability integration together constitute hybrid entrepreneurial capability. Hybrid entrepreneurial intention includes the initiation and maintenance of willingness, and internal factors are the key to maintain hybrid entrepreneurial intention.