This study intends to explore that whether the value of trademarks is determined variously at different life cycle stages. Following Anthony & Ramesh (1992), we determine the proxy for life cycle. We also revised Seethamraju's (2003) model to estimate the market value of trademarks. The empirical results indicate that the valuation coefficients of trademarks at the growth stage are greater than those at the mature and stagnant stages after different life cycle stages taken into consideration.