Recently, Kim and Mauborgne (2005a) has introduced the concept of blue ocean strategy that provides quantum leap in value innovation, thus creating new market space. This study, based on the blue ocean strategy concept, suggests blue ocean new product development strategy, and attempts to examine how much impact this blue ocean new product development strategy has on new product performance, compared to existing new product development strategy perspectives based on competitive strategy-based new product development strategy and resource-based new product development strategy, in an empirical way. The research results show that the blue ocean new product development strategy has a statistically significant impact on new product performance. In addition, it was revealed that such contingency variables as firm size and environmental dynamism have moderating effect on the relationship between the blue ocean new product development strategy and new product performance. The blue ocean new product development strategy is more effective in the small-sized firms than the large-sized ones, and its effect on new product performance is different according to environmental dynamism.