In this paper, we pointed out the deficiency of traditional cost estimation model about aerospace products Research & Development (R&D) and manufacturing based on analyzing the widely use of advanced materials in aviation products. Then we put up with the estimating formulas of cost factor, which representing the influences of advanced materials on the labor cost rate and manufacturing materials cost rate. The values ranges of the common advanced materials such as composite materials, titanium alloy are present in the labor and materials two aspects. Finally, we estimate the R&D and manufacturing cost of F/A-18, F/A- 22, B-1B and B-2 aircraft based on the common DAPCA IV model and the modified model proposed by this paper. The calculation results show that the calculation precision improved greatly by the proposed method which considering advanced materials. So we can know the proposed method is scientific and reasonable.