Abstract: Rapid development of Chinese commercial launch vehicles brings new challenges under the traditional systems engineering (TSE) working method. A new model-based systems engineering (MBSE) working method was proposed for Smart Dragon 1 (SD-1), which is a low-cost commercial launch vehicle developed by the China Academy of Launch Vehicle Technology (CALT). Based on the characteristics of a commercial launch vehicle, the system model based on information cards was established. Through a problem-oriented working method, risk identification and management, the process of Card-MBSE was utilized and verified by the success of the maiden flight of SD-1. This paper introduces a new method and reference for the development of low-cost and high-reliability launch vehicles.