With the dramatic development of computational science and technology, computer simulation is playing an increasingly important role in scientific research and engineering practice, and is believed to bring about a profound revolution to the mode and means of these activities. For chemical engineering, it will promote the transition from an experience-and-experiment-based research and development mode to the one based on virtual process engineering (VPE). However, such a revolutions till requires tremendous improvements in the Accuracy of physical modeling and numerical methods, the Capability of the computing hardware and software, and the Efficiency of the simulation activities, or in short, ACE. This article will systematically review th...