This study is to develope positioning strategy of fashion underwear market through the perceptual map which can analyze the psychological positioning of the existing fashion underwear brand. A positive study has been made on 176 women in their teens and twenties who live in the Seoul area through questionaire. The collected data was analyzed with Multidimensional Scaling Method, Conjoint Analysis and Cluster Analysis and so on. The results of analyzing the competitive relationships for attributes and the ideal points are as follows: The consumers groups are divided into three market segments on the basis of the ideal points about fashion underwear attributes. $ulcorner$calvin Klein$lrcorner$ evaluated excellent in design and color, brand and function attributes, and also appealed well to the segment market 2. $ulcorner$calvin Klein$lrcorner$ has good positioning at the fashion underwear market, and as well as the possibility of growth. $ulcorner$Body Guard$lrcorner$ appealed well in segment market 1 which highly valued the material and price attributes and $ulcorner$Body Guard$lrcorner$ competes with $ulcorner$Benetton Undercolor$lrcorner$ in this market. $ulcorner$Hunt Innerwear$lrcorner$ has possibilitiy to be appealed in segment market 3. Finally, it is necessary for each fashion underwear company to analyze and develope the segment market 3. Each company has to develope the brand that can appeal in the segment market 3 in which function was highly valued, and has better to make strategies that develope more functional products like sports underwear, bodysuit and bodywear and so on.