Resources over Internet have such intrinsic characteristics as growth, autonomy and diversity, which have brought many challenges to the efficient sharing and comprehensive utilization of these resources. This paper presents a novel approach for the construction of the Internet-based Virtual Computing Environment (iVCE), whose significant mechanisms are on-demand aggregation and autonomic collaboration. The iVCE is built on the open infrastructure of the Internet and provides harmonious, transparent and integrated services for end-users and applications. The concept of iVCE is presented and its architectural framework is described by introducing three core concepts, i.e., autonomic element, virtual commonwealth and virtual executor. Then the connotations, functions and related key technologies of each components of the architecture are deeply analyzed with a case study, iVCE for Memory.