Value network, a new business model which gradually instead of traditional value chain model has been widely used by some foreign enterprises such as Dell. This paper uses Dell as a sample of value network enterprise to summarize each detail from design of value network to operation of value network and conclude that the value network which is based on value proposition, value activity, value creation, strategic control and operation could offer high quality products and services while at the same time, reducing costs and strengthening enterprise's competitiveness. Through this paper some Chinese enterprises can get some illuminations on constructing their value network.