Over the last 20 years, there has been an increase in the study of project-based learning to deploy knowledge management strategies and the concept of organizational capability. We address this topic in the context of infrastructure development projects. Through a review of existing literature complemented by pilot empirical research carried out in MultiWaterWork program, and Gaasperdammer tunnel project in the Netherlands, Hong Kong–Zhuhai–Macau Bridge in China and Crossrail in the UK, research propositions are presented on the relationship among knowledge management, project-based learning, and organizational capabilities. The findings reject the position of knowledge management as a best practice toolkit for immediate use and emphasize that there is no pure copy-paste knowledge learned from one project to another. Learning is proposed as the missing link between project capabilities and knowledge management. The study then focuses on the contribution of sets of project capabilities to achieve project performance. It is suggested that the critical role of learning in the development of project capabilities should be on the future research agenda of infrastructure development projects.