While corporate entrepreneurship (CE) is viewed to influence firm competences, their relationship, along with organizational knowledge creation, remains largely unexplored. This paper examines whether and how CE associates with second-order R&D and marketing competences. Building on resource-based view of the firm (RBV), in our developed model; we propose that firm second-order R&D and marketing competences are differently influenced by variations of CE and organizational knowledge creation. Regression modeling, used to analyze data collected from various firms in knowledge-intensive sectors, supports our main arguments. Important and novel theoretical and managerial implications emerge from this study.