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The past decade has seen the rapid emergence of research on Big Data and its implications in our society, yet research on its impact on organizations' sustainability challenges is still at an early stage. Based on the organizational learning theory, we develop a framework to investigate the effects of Big Data capability (BDC) and further intellectual capital on a firm's sustainability‐oriented innovation performance (SIP). Using a multi‐source data collected from 358 Chinese firms, we tested our proposed hypotheses using the partial least squares‐structural equation modeling (PLS‐SEM) and the fuzzy‐set qualitative comparative analysis (fsQCA). The results show that BDC is positively related to SIP and economic innovation performance (EIP), mediated by intellectual capital. The fsQCA results further reveal that three configurative combinations, that is, “external capability‐internal resource promotion,” “external capability and relationship building help,” and “external relationship collaboration compensation,” can lead to high SIP. This study provides new insights for firms to develop sustainability‐oriented innovation and to coordinate sustainability innovation and economic innovation practices in order to create balanced outcomes.