Given the increasing competition in standards, standard alliances have become a vital choice for enterprises to enhance their competitive advantage. In standard alliances, what decisions must top management teams make to help their enterprises improve their innovation performance? To answer this question, we draw on dynamic capability theory, social network theory, and high-level echelon theory to understand how alliance capabilities and standard alliance networks affect technology innovation performance. We collected questionnaire data from 465 manufacturing enterprises in China, and the empirical findings show that (1) enterprise alliance capabilities and standard alliance networks have a positive impact on technology innovation performance; (2) enterprise alliance capabilities and technology innovation performance are mediated by standard alliance networks; and (3) the political skills of top management teams strengthen this moderating model. The results of this study enrich the literature on standard alliances and provide a reference for enterprises in developing standard alliance strategies, cultivating alliance capabilities, and exercising the requisite political skills of top management teams.