Knowledge-based Society requires drastic transformation of educational environments in higher education throughout its diverse fields. In specific, teaching and learning practices have made many efforts to adopt new learning and teaching models appropriate for 21st century learner competencies. And PBL based upon constructivist approaches has been recently considered as a new learning and teaching approach for higher education ever since early 90s. In this context, this study targeting university students in a business class attempted to design and implement PBL class. Unlike many PBL research which focused on showing learning effects of PBL as a whole, this study tried to define specific learning characteristics in each stage of PBL class and as a result, seven categories of learning outcomes were extracted. For this result, students’ reflective journals and course evaluation survey and observation notes of the researchers were collected for data analysis. The collected data, then, were analyzed according to the qualitative data analysis tool, Nvivo 9. The results of this study might provide useful and practical instructional tips for novice PBL instructors, and at the same time contribute to expand use of PBL in more diverse fields of higher education.