This study advances research on organizational learning and new product development (NPD) by examining the relationship between exploration and NPD performance while considering the moderating effects of cognitive skills and environmental uncertainty. Drawing on the cognitive perspective, we posited that A-shaped and T-shaped skills enhance NPD performance by hastening exploratory learning in NPD teams. Furthermore, we argued that exploration is advantageous in conditions of high technological and market uncertainty. Based on a survey of 198 NPD projects from IT firms located in Taiwan, we found that exploration is positively related to NPD performance, and that both A-shaped skills of team leaders a well as technological uncertainty significantly moderated this focal relationship.