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Sustainable competitiveness has gradually become an important condition for companies to succeed in a dynamic environment. It reflects the magnitude and position of companies in the innovation ecosystem, and is becoming a highly-focused issue in academic. Current research answered the questions of what factors have the impact on sustainable competitiveness, but not ones of the mechanism and entire process about innovative resources allocation of companies. In this paper, we build a system dynamics model based on the theory of innovation ecosystem. We consider input-transformation-output as constrain and combine the value flow and knowledge flow in the model, in order to explore the mechanism of innovation strategy and resource allocation on the sustainable competitiveness. The results indicate that the strategy of total innovation is superior to single innovation, and the internal innovation and external innovation investment have the optimal reward threshold. Considering the sustainable competitiveness matrix, only if both knowledge sharing and knowledge creation develop synergistically, can they play a continuous positive feedback on firm performance. The optimization of innovation strategy and decision-making of the innovative companies can be achieved from the above aspects. [ABSTRACT FROM AUTHOR]