According to the dual theory, there is a dual innovation mode of utilization innovation and exploratory innovation. The former focuses on the utilization of the existing foundation and resources of the enterprise, and provides a good guarantee for the acquisition of the existing interests of the enterprise, while the latter focuses on exploratory activities and needs to make use of new resources and inputs, but it is of more important significance to the future development. However, no matter what kind of innovation model, it is very important for the acquisition of social resources. One of the important ways to obtain corporate social resources is the upstream and downstream partners in the supply chain. Studying the different influence degree of enterprise supply chain social resources on enterprise utilization and exploratory dual innovation, and studying the intermediary effect of enterprise dynamic ability in the process of its influence, can help enterprises to identify, obtain and utilize supply chain social capital more reasonably, and carry out dual innovation activities more reasonably. In order to study the influence of upstream and downstream social resources of supply chain on dual innovation of enterprises, this paper divides upstream and downstream into two categories to carry out empirical research, compares and analyzes the difference of results, and then explores the mechanism of upstream and downstream social capital on dual innovation. Based on the lack of research on the intermediary role of enterprise dynamic ability in social capital to dual innovation in the past literature, and the intermediary effect of enterprise dynamic ability plays an important role in how to reasonably use the upstream and downstream social capital of supply chain to carry out dual innovation, this paper divides social capital into three dimensions: cognition, relationship and structure. This paper studies the difference of intermediary effect intensity between upstream and downstream social capital elements in the process of promoting utilization innovation and exploratory innovation. Based on the theory of dynamic ability and the theory of social capital, this paper constructs the relationship model among upstream and downstream social capital, dynamic ability and dual innovation. Through questionnaire survey, the data are collected, and the model is empirically analyzed by using statistical software SPSS22.0 and Amos24.0. The mechanism between upstream and downstream social capital, dynamic ability and enterprise dual innovation is explored, and the intermediary effect of dynamic capability is verified. The main conclusions of this paper are as follows: (1) upstream and downstream social capital will directly or indirectly affect the dual innovation of enterprises. Among them, the upstream social capital structure dimension, the downstream social capital relationship dimension has the positive direct influence to the enterprise binary innovation, the upstream social capital cognition and the relation dimension, the downstream cognition, the structure dimension indirectly affects the enterprise dual innovation. (2) the dynamic ability has the intermediary effect in the upstream and downstream social capital to the dual innovation influence. Among them, among the dimensions of upstream social capital, there is a partial intermediary effect between the relationship dimension and the utilization innovation, a complete intermediary effect between the cognitive dimension and the utilization innovation, and a complete intermediary effect between the relationship, the cognitive dimension and the exploratory innovation. In each dimension of downstream social capital, there is a partial intermediary effect between the structural dimension and the utilization innovation, a complete intermediary effect between the cognitive dimension and the utilization innovation, and a complete intermediary effect between the structure, the cognitive dimension and the exploratory innovation.