The purpose of this paper is to derive a dynamic model of exploration and exploitation for product line development through a review of previous studies on exploration and exploitation. Although many researchers have recognized the usefulness of the exploration and exploitation framework presented by March in (Organ Sci 2(1):71–87, 1991), it tends to capture the temporary state of exploration and exploitation in an organization because its perspective is static and its analysis is short-term. However, exploration and exploitation are trade-offs, and the balance between exploration and exploitation within an organization is likely to change over time in response to changes in the environment and strategy. Therefore, this paper presents a dynamic model of changes in exploration and exploitation in organizations engaged in product development, focusing on the gradual changes in exploration and exploitation and the role of the organizational front line and its changes. Therefore, based on the dynamic model, this paper presents theoretical and practical implications and identify future research issues.