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Growth and development are always one of the most important goals of any irm. But, new challenges in the world such as scarsity of resources and high competition have forced them to search some sustainable resources for achieving competitive advantage. Thus, diversification strategies that are entering new but related businesses- for creating synergy and the best use of resources- have been the best selection. So the question is: "how these strategies can help to gain the benefits of diversification and achieve competitive advantage ?" The first step to answer this question is finding the best approach which can explain competitive advantage in multibusiness or diversified corporations. This article is going to do so with describing ,comparing and selecting the best strategy for this situation .