The intellectual capital theory provides a micro-perspective to the understanding of innovation, transfer, utilization and protection of knowledge in modern enterprises.On the basis of theoretical review, taking thought of value chain management, this paper introduces intellectual capital value chain, and deeply describes the process of extracting enterprise value from intellectual capital.Further depiction of how intellectual capital transforms to company value is rendered and the intellectual capital driving performance realization mechanisms are summarized: study and share mechanism; innovation and evolution mechanism; resource attraction mechanism and risk control mechanism.