Abstract: As an important method of relationship marketing, customer loyalty program has been received more and more attention by the industry and academia. Based on previous study, the mechanism of customer loyalty program was put forward from the perspective of customer benefits. After making the customer loyalty program's structure and basic measurement specific, the effects of customer benefits for relationship value was explored. Finally, the conclusion was derived that the customer benefit was composed of four aspects including trust benefits, social benefits, special treatment benefits and economic benefits. But only trust benefits and social benefits have positive impact on relationship value.