For many firms, customers are their most valuable assets. This is a shift in the interest of managers and researchers from a traditional focus on product management to a more recent focus on customer management. And they manage their customers with relationship marketing. Despite the recent academic interest in the study of customer equity, prior research has focused on brand equity and limited relationship mediated variate such as satisfaction, commitment and trust. This paper suggests customer equity drives with mediated variate and examines how relationship marketing can generate drives of customer equity and influence on customer behaviors. The results are like this. First, customer equity drives include value, brand and relationship equity and they mediate between relationship marketing activities and customer behaviors. Second, financial, social and structural activities have significant impact on repurchase, positive word of mouth, and cross purchase through customer equity drives. Third, this study tried to organize literature on customer equity systematically. It will become the foundation of follow-up studies.