Learning Study, an enriched version of lesson study, developed during the education reform era in Hong Kong and evolved into a participatory action research model with a theoretical underpinning framework and collaboration between teachers and university researchers. It has once been used as a major model for enhancing partnership between a university and schools for the preparation of pre-service teachers. In recent years, a shifting focus of this partnership model has been witnessed with recognition of broader needs of schools as well as the accomplishment of a wide range of educational goals. This chapter illustrates the development of the Learning Study approach to explicate the shifting focus of university–school partnership and explores the strategies, potential and challenges of the Learning Study approach as a model for university–school partnership and teacher professional development. The chapter can shed light on how to develop and sustain an effective u-school partnership model.