This article analyses the effect of entrepreneurial orientation (EO) on organizational learning (OL) in small and medium-sized enterprises (SMEs) and the role of business/university engagement on the relationship between these two constructs. A cross-sectional research design, drawing upon a postal questionnaire survey, was employed to collect data from a sample of 206 UK SMEs. The results obtained from both the regression and moderated regression analyses revealed that EO positively impacts the level of OL in SMEs. In addition, business/university engagement was found to be a significant moderator in this relationship. These findings provide important academic, practitioner, and policy implications.