With multi-logical bases, modern resource-based view(MRBV) has provided new explanations for the supra-normal returns of a focal firm since early 1980s. From conceptual dimension, the meaning of corporate resources well known as firm-specific resources and organizational capabilities which have made conceptual evolution during the past twenty years are reviewed, and conceptual contributions and limitations of modern resource-based view as a dominant theory of strategic management are assessed in this paper. Most of all, three problematic questions as following; (ⅰ) ‘what are corporate resources?’, (ⅱ) ‘how can a firm’s internal creation and building processes of corporate resources be discovered and illustrated?’, and (ⅲ) ‘how can differences between single impact of individual strategic factor and interactive influences of compound strategic factors be clarified?’ are noticed and implications for future research on the theoretical progress of modern resource-based view which has been based upon the concept of resources and capabilities are suggested in this paper.