This study aims to explore how IT-business alignment can be better achieved. Drawing on the dynamic capability view, information systems (IS) alignment and IS ambidexterity are theorized as IT departments’ ordinary capability and dynamic managerial capability, respectively. Four IS assets are identified as antecedents of both IS ambidexterity and IS alignment. A research model with 14 hypotheses is tested with a sample of 162 manufacturing firms. The PLS analysis shows that IS ambidexterity can increase IS alignment in terms of operational support and that the four IS assets can affect IS alignment directly or indirectly. Implications for research and practice are provided.