Value Engineering methodology was introduced about 30years ago and has significant achievement in Korea. However, many of workshop still focus on cost down process and do not spend enough time on function analysis and expert cooperation. As a result, limited range of creative ideas were produced. To improve effectiveness of VE workshop, this study developed web-based value engineering process and system. And this study applied it to real case study to evaluate effectiveness of proposed system. Developed VE system also provides automated FAST diagram function and decision-making supporting tools. The authors found that this developed web-based VE system can significantly help to save cost and improve performance of VE workshop by using the appropriate VE process, and quick cooperation between experts. In addition, this study shows an example of a VE case study that applies the web-based VE system process, which led to a very innovative and effective way to lead workshop.