Spare parts inventory management differs from both work-in-process inventory management and finished product inventory management mainly due to its unique aspects in function with maintenance. Furthermore, its inventory management shows more complexities and the performance measurement differs from other productions’ either. Studies both in theoretical research and in practice have shown that only some concrete figures had been considered in traditional KPI’s for spare parts inventory management, including the total stock value, cost of keeping stock, critical spares stock-outs, operational downtime due to stock-outs, rate of circulation, etc. However, such KPI’s may only reflect limited results from spares inventory management. In another word, they can not help to find out the root causes of which aspects are the management’s bottlenecks, or from which aspects it can be improved step-by-step. This paper aims to propose a new way to measure the performance of spares inventory management from the perspective of a House of Maintenance Management (HOMM). First, the HOMM-Spares with PDSA (Plan, Do, Study, Act) thinking will be promoted with the consideration of spares management. Second, management review for spares inventory using the HOMM-Spares will be discussed in details and the performance measurement will be clarified. Obviously, with the new promoted measurement system, we can not only review its performance from a more systematic standing point, but also, the continuously improvement plan with a more scientific analysis will be achieved simultaneously. How to support decision making with this spares performance measurement system is demonstrated as well with a case study.