The traditional value chain theory limits its analysis on production value creation and doesn't lay enough emphasis on customer value delivering. This thesis firstly makes up for the deficiency with integration of customer delivered value theory and the value chain theory. It is pointed out that competitive advantage not only stems from strategic positioning of value activities,but also from coordinating the whole industry value system,even value systems cross industries. On the basis of the former conclusion,value creation and value management are put forward as two main dimensions to develop competitive advantage.