This paper proposes a survey of the recent theoretical literature concerning the analysis of the capabilities of firms and organizational learning. In a first part we examine the contributions of three approaches: the strategic management literature, the theories of organizational learning in the field of organization theory, and the evolutionary theory. In a second part we consider some major issues and open questions around four themes: the implications of analyses focused on knowledge instead of information; the meaning of organizational learning and capabilities; the problems of classification of capabilities and of definition of core capabilities; we shall then propose a few overtures on what we deem essential in order to further the comprehension of these problems : i.e. the taking into account of political and institutional dimensions of individual and collective learning process.