This paper has developed a value engineering knowledge management system (VE-KMS), which applies the theory of inventive problem-solving and integrates its creativity tools into the creativity phase of the VE process and thus makes the creativity phase more systematic, more organized and more problem-focused. This attempt will significantly enhance the creativity power of the VE team beyond their collective capability and consequently enhance the efficiency and effectiveness of the VE exercise. The data of a number of sample VE exercises has been extracted and stored in the database to test the validity of the information schema of the VE-KMS, and the domain knowledge is condensed and coded into a broad scope of ten disciplines to increase the utility of the VE-KMS. Furthermore, a transport interchange project is used to demonstrate the application of the VE-KMS.