This paper analyzes the impact of B2B e-commerce on the traditional value chain, discusses the meaning of virtual value chain, compares the difference between the physical value chain and the virtual value chain, explores the immigration path and steps from the physical value chain to the virtual value chain based on the collaboration-transaction model and value network model. To emulate the immigration process, IPN_PN Model is developed. Future study of the virtual value chain in B2B e-commerce is also discussed.