The concept of organizational learning has been the area of attention for academicians, practitioners, and researchers for decades. Organizational developments as a subject realized the significance of cognitive learning and behavioral development; and embraced the idea of ‘learning organization’ because of its potential to create and sustain competitive advantage in an organization. This book explores the characteristics of a learning organization and examines the relationship of organizational learning and competitive advantage. Petroleum companies of Pakistan were chosen as research environment because of their knowledge intensive, and learning oriented nature. Literature reveled systems thinking, mental models/culture, shared vision/mission, leadership, knowledge/information flow, personal mastery/growth and team learning as antecedents of a learning organization. All characteristics are statistically significant. Shared Vision and Systems Thinking emerged as most significant contributors. It signifies that if the concept of learning organization is instituted with strategic intent can provide a sustainable advantage.