Increasing number of business and technology expansion has sparked a growing interest in IT service business evaluation. However, it is not an easy task to come up with a fair and objective evaluation of IT service business due to the difficulties involved in the definition performance assets (marketing, human resources etc.) and knowledge assets with respect to its industry. Several public organizations in Korea are developing a "standardized evaluation protocol" based on qualitative method. But the standard evaluation protocol does not provide suitable guidelines on how to construct and evaluate the key index of IT service business. The main objective of this study is in the development of a systematic approach for the evaluation of IT service business competitiveness by emphasizing the qualitative and quantitative index to be evaluated in the framework. Application of the developed framework and guideline format showed that the used of the framework in this study provided relatively more efficient evaluation results in IT service industry.