Abstract: How do organizations adapt to environmental change? Borrowing the concept of Ti (essence) and Xiang (faces) from Buddhism and building on the case analysis of Wangsu, we identify the elements of stability and change. The stable elements are established during the process of the firm’s founding and development, including identity, business model and core competency, which compose the Ti, while the Xiang are products or services the firm chooses as an adaptation to the environment. The Ti affects Xiang through enabling and constraining, while the change of Xiang provides feedback to the Ti through reinforcement, enrichment, and adjustment. One Ti multiple Xiang captures the general rule of organizational adaptation.