Process retrofit (PR) is becoming a key issue for many existing industrial chemical processes due to the changing prices and market conditions, the emerging new design methodologies, as well as to environmental regulations. PR is sometimes far more complicated than process grassroots design, and it is usually team-based work in which many departments and disciplines are concerned. Thus, it is very important to rationally organize the work and cooperation of the team members involved in the PR project. In this paper, we present some insights on the significance of PR, the methods for identifying the bottlenecks,as well as the principles and strategies of completing a retrofit project, A systematic procedure for process retrofits is developed based on the experience of several industrial retrofit projects.