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What do r and K strategies mean in the organizational science? This paper starts by introducing the original biological r-K theory and the application of it in the organizational science by Brittain and Freeman (1980). Despite the insights of their theory, it has important limitation in its narrowed understanding of opportunism. I propose a new version of r-K theory by drawing on the case of China’s education and training industry. With rich and detailed interview and archival data, I argue that ideal-typical r-strategy of economic organizations, as opportunistic behaviors, entails market exploiting practice with little regard for product/service quality, environmental constraints or long-term goals. Such strategy has adaptedness and tends to become the dominant form in environment where there is resource munificence, high volatility and low quality-consciousness of consumers. Conversely, ideal-typical K-strategy means practice in high consideration of product/service quality, environmental constraints and long-term goals. Such strategy has adaptedness and tends to become the dominant form in environment where there is resource scarcity, low volatility and high quality-consciousness of consumers. The succession of the two forms is indeed primarily a selection process, but existing r-strategists can adapt into K-strategists under certain circumstances and even the succession of forms also involves substantial adaptation. My new theory has adequate explanatory power in explaining a series of changes in China’s education and training industry. Finally, I conclude by discussing the implications of my theoretical claims and empirical findings.