Firm resources and capabilities provide a basis for competitive advantage over rivals. By providing a platform for profitable expansion or contraction of firm boundaries, they also underlie corporate advantage—where a corporate parent creates more value than its individual businesses could generate if they were not part of the corporate parent. This article clarifies our current understanding of resource redeployment—one mechanism through which resources might contribute to corporate advantage. Resource redeployment involves a partial or complete withdrawal of resources (and capabilities) from one use and reallocation to another opportunity inside the firm. It typically refers to redeployment of non-financial resources, such as tangible, intangible, and human capital, as we do so here. Capital might also be redeployed, but since its redeployment entails few or no sunk adjustment costs it deserves separate attention, and is only discussed briefly below to highlight similarities with resource redeployment. Resource redeployment represents an explicit preference for internal markets over external markets. Flexibility is a primary benefit for firms having potential for resource redeployment, if they can pursue opportunities more efficiently than firms relying on external markets. Having more flexibility to redeploy should inspire firms to enter markets at lower levels of expected performance and exit markets at higher levels of expected performance. More generally, firms should expand and retrench from markets more fluidly than firms lacking potential for efficient resource redeployment. While this mechanism for corporate advantage has been recently explicated in the literature, it has important precedents. Empirical examination of resource redeployment is just underway. Finally, it is important to clarify how corporate advantage tied to resource redeployment differs from other determinants of corporate advantage. Each of these issues is discussed below, along with future research opportunities.