Based on case studies of cooperative corporate philanthropy at NPOs established largely by companies, this paper examines the relationships between companies and NPOs, the significance and issues of corporate philanthropy, and how corporate philanthropy relates to the commercial activities of companies. In addition to analyzing the results of corporate philanthropy and the impactsit has on society and companies from such aspects as stakeholders, resources and capabilities, the paper also extracts the factors that encourage cooperation and examines the issues inherent to such collaborative partnerships. Corporate philanthropy initiated through cooperation among companies at NPOs has a major impact on society and companies, and is a new form of collaboration with the potential to stimulate the growth of both.