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In the domain of marketing, with the coming of brand era, brand loyalty has been paying attention increasingly by academe and corporation. Then, what’s the true meaning of brand loyalty? Which factor drive brand loyalty directly? How to cultivate brand loyalty for a company? These questions are all becoming focus nowadays. On the basis of literature review, this study defined brand loyalty as a combined conception including behavior loyalty and attitude loyalty. It contains the customer behavior of sustaining repurchase and the customer attitude of preference and advocacy. With regard to the driving factor of brand loyalty, scholars developed 5 theories form different views which are customer satisfaction, brand trust, service quality, shifting cost and customer value. On the basis of economics theory, social psychology theory, brand relationship theory and objective theory, this study considered that customer value is the most direct factor which drives brand loyalty. Customer value means the benefits custom