The study, adopting a systematic, dynamic, and holistic angle, constructs a new conceptual framework of business model based on the HeXie Management Theory. The framework integrates the content and process of business model using HeXie theme, He Principle, Xie Principle, and HeXie coupling mechanism; emphasizes the core roles of leaders; defines the relationship between strategy and business model; highlights the process and mechanism of implementation and renewal of business model; and improves the measuring methods of business model performance. Finally, the future research directions and the suggestions are put forward.