Founded on the definition, this paper makes up a comprehensive framework for business model. According to the development process of five case enterprises, we collect the news documents about them separately. Then we conduct a content analysis on the documents to explore the evolution path and evolution rules of business model in internet industry. The results show that there are three stages in the process of business model development. Value proposition, value realization, value creation and delivery turn their leading position during the procedure. Enterprises try to realize customer value in the first stages, firm value in the second stage and network value in the third stage. The three-stage model agrees well with the enterprise life cycle. In addition, the constructs of business model also show dynamic evolution characteristics. This study tries to open the black box of business model structure, develops the design theory of business model from static perspective to dynamic views as well as provides practical suggestions for internet industry development.