Abstract: Purpose/Significance Entrepreneurial opportunity plays a key role in the entrepreneurial process and determines the success or failure of entrepreneurship. However, the identification of entrepreneurial opportunity that is only dependent on the experience and knowledge of entrepreneurs can hardly adapt to the rapidly changing situation. Design/Methodology This paper is based on a comparative study of three learning methods including empirical learning, cognitive learning, and situational learning. It is found that situational learning can better cope with uncertainties and resource-constrained entrepreneurial situations. In addition, the identification path of entrepreneurial opportunities is explored based on the views on discovering and creating such opportunities. Findings/Conclusions In the current research on entrepreneurship learning, situational learning is often neglected by scholars, and is rarely used in identifying entrepreneurial opportunities. Therefore, this paper combines situational theory with entrepreneurial opportunity identification to reveal the inherent mechanism of identifying entrepreneurial opportunities.