The learning curve model is a mathematical form which represents the relationship between the manufacturing experience and its effectiveness. The semiconductor manufacturing is widely known as an appropriate example for the learning effect due to its complicated manufacturing processes. In this paper, I propose a new compound learning curve model for semiconductor products in which the general learning curve model and the growth curve are composed. The dependent variable and the effective independent variables of the model were abstracted from the existing learning curve models and selected according to multiple regression processes. The simulation results using the historical DRAM data show that the proposed compound learning curve model is one of adequate models for describing learning effect of semiconductor products.