The purpose of this paper is to explore the effects of online social networks and organizational learning capability on innovation performance. The paper is theory‐confirming. Theoretical relationships were tested using an empirical study of 202 four‐star and five‐star Spanish hotels. Results confirm that the introduction of online social network use for internal and external cognitive processes positively affects innovation performance. This study highlights the potential as well as the limitations of online social networks and organizational learning capability in promoting innovation capability. Businesses must consciously manage the assimilation and use of online social networks to benefit from them.