With the popularity of business simulation in universities, there is a crucial question of what abilities the students can get from the business simulation. In this study, using qualitative research methods, we studied 71 students who had engaged in a business simulation called Global Challenge. Through three-level coding analysis of students' course reports, we induced and refined five abilities that students would get from business simulation, which are strategic decision-making, competition and cooperation, analysis and judgment, communication and team spirit, and learning by doing. Further, we in detail explained these abilities based on behaviors and performances of the students in simulating. The main contributions are the following: First, it provides insight into the abilities and matching behaviors and enriches research on the learning effectiveness of business simulation from the perspective of ability. Second, the study combines the advantages of qualitative research methods and quasi-experimental design. The results not only extend and deepen our understanding of abilities trained by business simulation but also have value in guiding the practice of business simulation.