With the development of market competition, more and more enterprises turn the traditional competition of market development to the competition of production development, i.e. , through the cost cutting and speeding up the product development. Value engineering is a good way to cut down development cost in new product development. This paper introduces the experience in application of value engineering in a daily chemical enlerprise,Colgate Co. Ltd (Guangzhou)The experience of the case study is useful for other companies.