The extant literature has examined the effect of resource asymmetry on IJV acquisition intention, but presents mixed evidence of the effect. Furthermore, prior studies have paid little attention to the mechanism underlying and conditions moderating the effect of resource asymmetry on IJV acquisition intention. Based on transaction cost economics, we argue that resource asymmetry increases IJV acquisition intention through learning race because learning race increases costs of cooperation. Further, we contend that the mediating role of learning race depends on resource complementarity and total resource investment. Using data from 124 IJVs in China and the process conditional modeling, we find evidence supporting our hypothesized moderated mediation. That is, learning race mediates the effect of resource asymmetry on IJV acquisition intention when resource complementarity is at a low level or when total resource investment is at a high level. This study takes the initiative to open the black box of the effect of resource asymmetry on IJV acquisition intention.