Innovation performance is divided into technological innovation performance and management innovation performance; exploratory learning and exploitative learning as mediating variables are introduced into the relationship between intellectual capital and innovation performance. The results of the empirical analysis of 215 high-tech enterprises show that intellectual capital has a significantly positive effect on technological innovation performance, that structural capital and human capital have a significantly positive effect on management innovation performance, that exploratory learning has a significantly positive effect on two types of innovation performance, but exploitative learning only affects management innovation performance; that exploratory learning mediates the relationships between relation between human capital and two types of innovation performance, and that exploitative learning only mediates the relationship between human / structural capital and management innovation performance