The positive impacts of ambidextrous innovation on firm performance have been well investigated in past research. Yet conceptualization and operationalization of ambidextrous innovation at the alliance level have not been systematically attempted. Based on related literature, this paper suggests that one equity-based strategic al-liance could gain its ambidextrous innovation (excellat both exploitative and exploratory innovation) through man-aging three social capital related paradoxes: cognitive capital and bridging ties, structural capital and structural modularity, and relational capital and contracts. A theoretical framework is then proposed to understand why we should pay attention to these nested paradoxes and how Yin-Yang thinking and dynamic combinations help deal with these paradoxes. From these discussions, we develop three propositions to facilitate future empirical testing of our conceptual framework. Finally, we indicate some key implications for theoretical research.