In order to meet the requirement of mass customization and rapid response design, a hierarchical parameterized modeling method of parts and components library is proposed. The library of parts and components is building up with NX/Open development tools based on the three-dimensional design software platform. According to this method, the master model technique is integrated with top-down modeling method to facilitate the parameterized modeling and variant design of product family. The parameterized modeling process is also demonstrated in details in this paper. As an example, a tools management system for NC machine tools rapid design is developed. It shows hierarchical parameterized modeling method is a practical and effective method of constructing the product resources library.