Although the relevant literature has already demonstrated the impact that absorptive capacity has on companies’ innovation capacity, we have found few studies that analyze the role of learning capability in this relationship. The main objective of this study was to examine the role of organizational learning in this relationship. For this purpose, a quantitative research approach was used. A total of 306 valid questionnaires were obtained from small and medium-sized Spanish companies in different sectors. The collected data were analyzed using the multivariate Partial Least Square (PLS) quantitative structural equation technique. According to the result, absorption capacity turns into innovation mainly when learning capacity is involved in this process. This study provides empirical evidence of this relationship and fills this gap. It can also help organizations understand and clarify what would be the most appropriate way in to manage knowledge to improve their innovation levels.