This paper firstly gives a brief view on the antecedents of customer-to-customer knowledge exchange;secondly investigates the influence of C2C knowledge exchange on customer value and customer loyalty in virtual community of Taobao.Trough case studying,this paper draws a conclusion that C2C knowledge exchange impacts customer perceptions of product/service value and customer′s word-of-mouth loyalty intension,but does not impact customer′s repurchase.In the analysis of the influence of motivation,opportunity and ability on customer value and customer loyalty,it was found that motivation and ability of knowledge exchange in virtual community impact customer value and customer loyalty intension while opportunity does not.