A space launch vehicle system represents a typical example of large-scale multi-disciplinary systems, consisting of subsystems such as mechanical structure, electronics, control, telecommunication, propulsion, material engineering etc. A lot of cost is required to develop the launch vehicle system. A precise planning of R&D cost is very essential to make a success of the launch vehicle development program. Especially in the early development phase of a new space launch vehicle system, cost estimation techniques and analogy from past similar development data are very useful methods to estimate a development cost of the launch vehicle system. Now Korea Aerospace Research Institute is in charge of the KSLV-I (Korea Space Launch Vehicle-I) Program that is a part of Korea National Space program. KSLV-I Program is a national undertaking to develop launch capabilities to deliver science satellites of a 100kg-class into a low earth orbit. It is hereafter, going to plan to develop a new korean space launch vehicle. In this paper, first the development costs of well-known launch vehicles in the world are presented to provide a reference to make a development plan of a new launch vehicle. Second this paper introduces the present status of cost estimation applications at NASA. Finally this paper presents the results from application of a TRANSCOST, a parametric cost model, to derive a cost estimate of a new launch vehicle development, as an example