Abstract: Traditional researches, which always paid more attention on static description and results analysis, attributed performance differences among firms to industry, strategy and resources. However, firms are unable to find the process influence mechanism, and can not research the way to improve performance. Considering the dynamic capabilities and leadership of organization, this paper draws those two variables into the interpretation model of performance differences, and tries to explain the dynamic forming process of performance differences. Then it sums up the relationship among dynamic capabilities, leadership and performance, and clarifies the insufficient of previously relevant researches that only studied two of those relationships. Furthermore, the article presents a new conceptual model, which elaborates the process influence mechanism of firm performance output based on the two perspectives of dynamic capabilities and leadership. Finally, an exercisable scheme for the next empirical study is proposed here.