This paper proposes a framework for understanding knowledge-related asymmetries in strategic alliances. Their effect on alliance stability, on the realizations of the goals and purposes of the alliance, and on partners’ individual performance is examined. Information asymmetries are thought to have a negative impact on the stability of the alliance. For their part, knowledge asymmetries seem to have a positive impact while learning asymmetries have a negative impact. A mutually reinforcing link is established between the stability of the alliance, the realization of its purpose, and individual partners’ performance. Even if further research is needed, it appears as though a key to growth in an alliance is the careful management and generation of learning, knowledge and information asymmetries.