Value innovation is a key driver of international firms’ success market because of intense competition in each country market. To achieve value innovation, international firms have been trying to find blue oceans. Recently, Chinese firms have expanded into foreign markets in order to create value and achieve financial performance. Thus, it is important to explore Chinese firms’ value innovation and blue ocean strategy not only because China has been regarded as an emerging market but also because many firms in China have attempted to internationalize. In spite of this importance, extant studies have little focused on the value innovation and blue ocean strategy of Chinese firms. The current research aims to analyze how firms headquartered in China do value innovation and conduct blue ocean strategy for international competition. Two Chinese firms—하이얼 그룹 and 바이두—were analyzed to find critical strategy for firms to compete internationally. On the basis of this analysis, the present research provides a model of value innovation and blue ocean strategy that drives successful business in the world. Moreover, this research suggests ideas of value innovation and blue ocean strategy for international competitors. Finally, this paper discusses business implications, points out research limitations, and concludes with some suggestions for future research.