This study investigated the effect of flipped learning in business education, especially teaching corporate sustainability. Although the effect of flipped learning has been demonstrated in many education avenues, it is still rare in business education. To address this, we designed a flipped learning course for teaching corporate sustainability and implemented it in the autumn semester of 2016 at H University. The six classes of 157 university students were randomly assigned to treatment and control groups according to a pre-test–post-test control group design. The treatment groups were provided with the funnel experiment as pre-learning material based on flipped learning, but the control groups were instructed without it using the existing instructor-led ways. ANCOVA (analysis of covariance) was used to verify the difference between the pre- and post-test scores of the cooperative/competitive mindset to compare the two groups. The results revealed that the cooperative mindset scores in the treatment groups were improved more than those of the control groups. The competitive mindset scores in the treatment groups, on the other hand, were decreased more than those of the students in the control groups. These findings suggest that flipped learning methods may be a promising approach to enhance students’ awareness of sustainable management in business.