In order to help service designers build high-quality service models quickly and accurately, this paper presents a value-oriented iterative service modeling process. This modeling process combines service business perspective and service value perspective together, and it is executed interactively between service model space and service value space, simultaneously, some value-awareness activities (e.g. value proposition, value analysis, value optimization, etc) are executed iteratively among different layers in the whole model process, so as to make service models can support the implementation of the expected values to a great extent. At last the rationality of the modeling process is explored.