This chapter presents the concept of smart virtual product development (SVPD) system capable of supporting industrial product development. It enhances the decision making process during various activities involved in product development i.e. product design, manufacturing, and inspection planning. This is achieved by using the explicit knowledge of past formal decision events, which are captured, stored, and recalled in the form of set of experiences (SOEs). The basic description and principles of approach are introduced first, and then the prototype version of the system is developed and tested. Working of the design knowledge management module and manufacturing capability analysis and process planning module of the system are demonstrated with the case study, which verifies the feasibility of the proposed approach. The presented system successfully supports smart product design and manufacturing, and it can play a vital role in Industry 4.0.