With the advent of globalization, the track record of multinational companies (MNCs) has been vague in relation to their corporate social responsibility (CSR) in developing countries. What is even lacking is a better understanding of what exactly is required of today's MNCs to simultaneously generate profits for shareholders and satisfy the legitimate demands from the multiple stakeholders in the countries where they operate. Adopting the stakeholder theory framework and using a two-stage interview method, this study explores the CSR understanding and practices of MNCs considered as active in CSR. The findings reveal some interesting CSR practices by 11 MNCs in China. We discuss implications of the stakeholder approaches to CSR of MNCs generally and peculiarities in developing countries more specifically.