It is true that the issues of Human Resource Management (HRM) practices and firm performance have been dealt with extensively from different studies. However, this relationship requires be more proving and explaining. It is, in fact, a still unknown phenomenon (Chretien et al., 2005). Thus, we introduce the concepts of organizational learning and innovation capability to study their role in mediating the relationship between HRM practices and competitive advantage. Following a quantitative approach and an empirical study on a sample of 351 firms, we seek to determine not only the extent to which HRM practices generate a competitive advantage and superior performance, but also the role of organizational learning and innovation capability in mediating the HRM practices - competitive advantage relationship.