In the constantly changing commercial field, learning from failure can reduce risks of organization failure and improve the organizational innovation performance. By collating domestic and overseas scholars' research achievements about learning from failure from different angles, based on the perspective of effects about learning from failure, this paper analyzes the influence of learning from failure on different angles combining with the target of improving the innovation performance of modern enterprises, and proposes the model framework about the effects of learning from failure. Finally, on the basis of commenting the existing researches, it gives the prospect of the future research direction.