Purpose: This paper aims to offer a contextualized and multi-stakeholder perspective for creating a learning organization (LO) 2.0. Design/methodology/approach: Based on a systematic review of the critiques of LO in the past three decades, this paper suggests some possible directions for the development of next-generation of LO (e.g. LO 2.0). Findings: It is suggested that LO 2.0 should adopt a contextualized perspective by considering the social, organizational, cultural and industrial contexts to enhance the success of LO implementation and help fine-tune the universal LO model. Accordingly, LO 2.0 should adopt a multi-stakeholder perspective by incorporating multiple stakeholders during the process of design and implementation under the rationales of counteracting managerial dominance of low-power marginalized employees and mitigating the impacts of increased competition and technology advancement. Practical implications: This paper provides some practical advice to business practitioners regarding how the practices of LO 2.0 can be adopted. Originality/value: The study adds to the existing LO literature by further supporting and developing a contextualized and multi-stakeholder perspective to create the next generation of LO.