Due to the large consumption and the number of population, emerging markets have created significant opportunities and challenges for businesses. Firms operating in these markets are required to enhance their capabilities in order to survive in this challenging market environment. Regarding this issue, scholars in marketing and strategic management fields have recognized market orientation and dynamic capabilities as two main drivers for the success of the firms operating business in the changing environment (Gebhardt et al, 2006; Day, 2011). Hence, this paper aims to review extant studies regarding market orientation and dynamic capabilities in the context of emerging markets (Rogers et al, 2005; Leelapanyalert & Ghauri, 2006; Fang & Zou, 2009; Zhou & Li, 2010; Gaur et al, 2011). The authors review key studies in the fields to understand theoretical backgrounds and discuss previous studies to examine the promising areas that are favorable to study in emerging market context. Theories expansions and evolving ideas of market orientation and dynamic capabilities are stated in the paper. Managers can learn how market orientation and dynamic capabilities enhance the firms’ business practices in order to succeed in emerging markets, where enormous business opportunities are attractive, but institutional environment is always challenging.