The tide of new technological revolution and the variation of modern conduction environment make traditional cost management thought face huge challenge. Because of own flaw, the existing cost management system cannot provide the prompt useful information to satisfy the need of management decision and the control. The value chain theory is precisely effective measure for the enterprise to adapt the new environment. The value chain analysis can analyze the contribution of enterprise value activity to the product profit comprehensively, is advantageous in cultivating the enterprise's ability to reduce the cost continually, thus realizes the cost management effectively. Enterprise must construct and introduce strategic cost management system based on value chain theory from all ranges and strategic view in order to supply cost information for enterprise conduction strategy and operation. Therefore, this paper constructs cost management system based on the value chain theory from the connotation, the principle and the content three aspects, in the foundation of analyzing the enterprise tradition management system's insufficient, thus systematically elaborates cost management system based on the value chain theory "is anything", "makes anything", "how to make" and so on elementary theory questions. Then this paper analyzes the existing question that implements it in Chain present private cost management pattern, finally puts forward the pointed implementation proposal.