The paper studies the evolution of new product development activities of Yuhan-Kimberly, the local partner of Kimberly-Clark’s in Korea. Specifically, based on the resource-based view, this study examines the evolution of marketing and R&D resources and capabilities associated with successful new product development for Korean diaper-pants market over 13 years, from 1993 to 2005. The total 13 years are divided into three time periods, relevant key resources and capabilities are identified for each time period, and the evolution of key resources and capabilities are examined from the dynamic capability perspective. This case highlights that successful new product process can be established only through enduring efforts for developing and accumulating adequate resources and capabilities such as cross-functional product development process and appropriate time-paced strategy, even faced with changes in product development processes.