A survey of 273 students in major universities was conducted in December 2015 to introduce and examine the consumption values based brand equity (CVBE). Data were gathered by questionnaires, subjects were asked to evaluate consumption values of their current smart phones, and then brand loyalty and equity of smart phones were measured.Testing the model using structural equation modeling by AMOS program shows that value for the price, functional value, emotional value, social value, epistemic value, and conditional values affect brand loyalty. Furthermore, customer-based brand equity is determined by customer brand loyalty. The research may represent one of the first effort in marketing literature to explain brand equity based on consumption values. The implications for industry and academia are discussed.