The dynamic capabilities approach is a concept that has recently gained considerable attention as a means of addressing the limitations of the resource-based theory. However, due to insufficient discussion of dynamic capabilities, different concepts have been used interchangeably. Through a comparative analysis of existing studies on dynamic capabilities, this paper was able to classify dynamic capabilities into three types: resource building, resource transformation, and process innovation capabilities. These three types of dynamic capabilities not only differed in their fundamental research assumptions but also exhibited clear differences in terms of research focus. Therefore, researchers must sufficiently understand the similarities and differences among these three types in order to properly position their own research on dynamic capabilities.