This study is to investigate the success elements of competitive advantage of ‘Xiaomi’ surging as the China‘s first and world’s third largest smartphone company at the beginning of the 4th industrial revolution in the digital age. Following the strategic concept of cost leadership and differentiation, we draw the success elements of competitive advantage of Xiaomi and its future goal and limitation to sustain competitive advantage them from fan-centric social media business model view. Xiaomi‘s strategies consist of several tactics; (1) establish communication culture centered on customers using social media considering external ecosystem environment (2) bible marketing using the "Mifun" loyal customer community (3) identify consumer needs and product development through customer network (4) cost advantage and differentiation strategy through community and outsourced production success. This Xiaomi case study provides some theoretical and managerial suggestions. First of all, in the theoretical view, the Xiaomi case study shows the importance of the fan-centric business model in the social media era. Next, in the managerial view, this case study suggests sucess factors through utilization of this business model to the CEO or marketing manager.