Using dynamic capabilities (DCs) and the disaster/crisis management cycle (DMC) as the theoretical lens, this study explores how different types of DCs build and sustain organizational resilience of tourism firms during COVID-19. Taking a processual view, the study advances theorization of the relationship between DCs and organizational resilience in tourism studies. A qualitative study of 30 owners and senior managers of tourism and hospitality firms in Bangladesh reveals that threats and opportunities presented by the COVID-19 pandemic activated 10 different types of DCs (replicating, integrating, reconfiguring, creating, developing, assimilating, renewing, adaptive, innovative, and regenerative) across the pre, response (short-term) and future recovery intentions (long-term) stages. DCs activated different resilience facets (networks and relationships, leadership and culture, and change ready), highlighting the criticality of achieving planned and adaptive resilience for tourism firms during COVID-19. Response and recovery implications for tourism firms during disruptive events are suggested.