Dynamic Alliance is becoming more and more important in manufacturing industry. Based on previous studies, a five-stage life-cycle of Dynamic Alliance is proposed in this paper. On the basis of life-cycle, taking into account both the entire life-cycle and each stage; the quality evaluation system was built. In this paper, the methods of Delphi and Multiple Factor Analysis were used to study the factors influencing the quality level at each stage, then quantitative conclusion was drew in the end. In addition, as the researches on Dynamic Alliance are still at the exploratory stage in manufacturing industry, this paper tries to provide references for further study.