Few studies have examined the role of mediating mechanisms played by bricolage in the relationship between strategic flexibility and new product development, even though most of the studies view strategic flexibility as a capability to cope with environmental turbulence and promote product innovation. The bricolage approach embraces the resource-based understanding of the product development process as a concrete process of recombining resources in the process and exploring the mechanisms behind the bricolage approach. This study is the first of the kind that has examined the empirical effect of environmental turbulence on new product development through serial mediation of strategic flexibility and bricolage. Based on our results, environmental turbulence positively and significantly affects new product development through the serial mediation of strategic flexibility and bricolage. Bricolage is one of the mechanisms by which strategic flexibility may play a part in supporting product innovation. Our contribution to strategic flexibility research comes from examining the effect of strategic flexibility on bricolage and new product development from the point that environmental turbulence compels the high-tech industries to remain strategically flexible for their sustainability and growth. Besides providing new evidence on the relationship between environmental turbulence and product innovation, this research also provides new insight into the economic opportunity of new product development in transition economies such as China.