The paper aims to study the effective way to improve the value of a military packing bag based on the value theory. With the application of value engineering program, the function of a military packing bag was firstly analyzed quantitatively, then the cost and cost coefficient of each part were calculated, and then the matching situation of component cost and function was analyzed to find out the parts with inappropriate value coefficient. Finally, suggestions were put forward for the improvement of inappropriate parts. Through theoretical analysis on the value function, it was found that due to the reliability requirements of military packaging bags, the cost would increase if the function was improved. So the value can only be improved by the method of function invariability and cost reduction. Through the value analysis of military packaging bags, the only way to reduce the cost of packaging bags is to improve the value of the packaging bags. It provides a new idea for the cost control of military packaging.