Alibaba.com has developed very fast and created a miracle in the international e-business community since it was established just three years ago. The paper at first introduces its rapid development from its establishment, the construction of its websites and its e-products and e-services, its mode of operation and corporate culture. Secondly it analyses the reasons why it has not only survived, but also developed very fast and begun to make profits despite the cut-throat competition in the e-business community in the tough e-environment in China. Then it displays and analyzes its competitive edges and the challenges it is confronted with. Finally it predicts its promising future.