This study explores the unique characteristics of new ventures in China during the transitional period．Specifically，not only entrepreneurial orientation plays its role in improving new ventures’performances，but also opportunistic orientation． Based on the life cycle theory，this study examines how entrepreneurial orientation and opportunistic orientation influence entrepreneurial performances． Through analyzing 263 new ventures in China，the paper finds that entrepreneurial orientation alone positively influences entrepreneurial performance in both the creation stage and growth stage． However，in new ventures’creation stage，the interactive effects of entrepreneurial orientation and opportunistic orientation positively influence entrepreneurial performance;in new ventures’growth stage，the interactive effect of entrepreneurial orientation and opportunistic orientation negatively influence entrepreneurial performance．