The purpose of this study is to examine the effect of project-based organizational resources on the business performance in the resource-based view (RBV) and dynamic capability one and analyze their relationship through an integrated model. The RBV argues that firms get competitive advantages when they have VRIN characterized resources but dynamic capability view argues that RBV has its limitation under volatility so it enables them to obtain competitive advantages in ever changing environments. This study analyzes data collected from 270 survey questionnaires on the project management related staff at the project-based organization among major companies in Korea. The result demonstrates that two project organizational resources on strategic and executional management with VRIN characteristics are found to bring positive effects on the organizational dynamic capabilities and also the dynamic capabilities such as integration & reconfiguration, organizational learning are verified to bring meaningful positive effects on the business performance. On the other hand, unlike previous studies, ambidexterity has quite a weak effect on the business performance. Therefore, we expect that the resources of the project-based organization with VRIN lead to strengthen the firm’s business performance through organizational dynamic capabilities and produce high performance through the integrated model of RBV and dynamic capability one. The study has academic meanings that widely confirm the effects and characteristics of main elements of VRIN project organizational resources on the business performance of competitive advantage through the dynamic capabilities of the organization by the regression on the precedent studies regarding the project management resources and their relationship with the VRIO characteristics. The practical implication is that it is preferentially necessary for the organization to obtain VRIN resources and organizational dynamic capabilities, especially organizational learning to have sustainable competitive advantages.