Purpose: The study aims to provide suggestions for project-based firms (PBFs) to create value through the development of social capital, collaborative environment and organisational learning (exploratory & exploitative learning). In this regard, a conceptual model is proposed that examines the interrelations between social capital, collaborative environment and exploratory & exploitative learning in the context of PBFs. Design/methodology/approach: A semi-systematic literature review focussed on interrelations between social capital, exploratory & exploitative learning and collaborative environment was undertaken. Top ranked journals and highly relevant journal articles in the management domain were considered for the review. To analyse literature, the content analysis technique incorporating NVIVO 12 software was adopted. Findings: Conceptual model suggests that social capital positively affects exploratory & exploitative learning through collaborative environment in PBFs. Three dimensions of social capital (network ties, trust and shared goals) create collaborative environment and collaborative environment enhances organisational learning in PBFs across different levels. Ultimately, social capital, collaborative environment and exploratory & exploitative learning contribute to value creation in PBFs. Originality/value: Although the relationship between social capital and exploratory & exploitative learning has been researched previously, findings remain inconsistent. This study provides an alternative perspective to discuss this relationship with the proposed mediating construct: collaborative environment. Considering the context of PBFs, a conceptual model was developed to explain the interrelations between social capital, collaborative environment and learning. This study especially discusses collaborative environment as a value creation factor.