This paper presents the mechanism-based view (MBV) as a new paradigm of strategic management theory in comparison with the traditional theoretical streams such as subjectbased view, environment-based view, resource-based view, dynamic capability, and process. I also apply the MBV to identify mechanism factors in new product development of firms. For this, this paper analyzes theories related to new product development and shows the mechanism mapping to find the new product development mechanisms. The mechanism-based view (Cho and Lee, 1998; Cho, 2004) explained the deficiency of subjectbased view, environment-based view, resource-based view, dynamic capability, and process. It has coordinating, learning and selecting attributes, and the haracteristics of causal ambiguity, path dependency and inertia. And also, MBV explains the combination, the sequence and the timing of applying subject, environment and resource related factors to the firm. This paper (portion of the paper?) is composed of five chapters as follows: Chapter one shows the outline of the paper. This chapter specifies research background, objectives and scope. Chapter two analyzes the past researches of new product development. Chapter three introduces the mechanism-based view along with the comparison with similar theories and their differences. Chapter four shows the new product development mapping to identify the related mechanisms. Finally, I summarize the differentiated strategic implications of the mechanism-based view compared to other strategic management theories and propose the future empirical research topic.