This study seeks to explain the impact of strategic capabilities on organizational ambidexteri-ty, in the presence of knowledge management. The study population consists of managers of commercial banks in Jordan. The sample included (200) respondents by distributing the study questionnaires to them, where the returned questionnaires and valid to statistical analysis were (168). Structural equation modelling (SEM) was used as an inferential statistical analysis technique to test the hypotheses of the study. The result of this study referred that knowledge management mediates the relationship between strategic capabilities and organizational ambidexterity. Hence, all dimensions of strategic capabilities (marketing capability, market-linking capability, technology capability, and management capability) have a statistical impact on both knowledge management dimensions (knowledge acquisition, knowledge creation, knowledge application, and knowledge storage) and the dimensions of organizational ambi-dexterity (exploitation and exploration). Therefore, the study recommends managers and decision-makers of commercial banks in Jordan to focus on strategic capabilities that enhance their abilities to identify and acquire opportunities from the business environment by building good relationships with both customers and suppliers. Besides, improving their employees’ capacity to deal with new knowledge and apply it to create novel products and services.