Based on the perspective of value creation, this paper focuses on the business model of B2C e-commerce, and tries to figure out how to establish a business model, in order to bring sustainable value creation for businesses and effectively promote the healthy and sustainable development of the businesses of B2C e-commerce. Based on the review of the related researches of business models and e-business models, this paper analyzes components of business model of B2C e-commerce and explores their relationship. The paper then divides e-business model of B2C e-commerce into three sub-models: value proposition, value creation and delivery, value capture, based on which we build the system dynamics model of business model of B2C e-commerce. Lastly, we analyze this model using System Dynamics with qualitative and quantitative research, exploring the value creation process and the dynamic process of this model.