This paper examines Dharma Master Cheng Yen's life views of "Bodhisattva in this world" with reference to her charity work and teaching, in order to highlight dissemination and practices of the idea of "engaged Buddhism." When creating missions of relieving suffering, Master Cheng Yen offers many people opportunities to walk on the path of Bodhisattva. She often urges her followers to enlighten, grow and continue their own lives of wisdom, and thus substantiate Bodhisattva's Way in this world. She compares difference between the life and "the life of wisdom" according to Buddhist traditional ideas. Yet her interpretation and practices are characteristic in answering how modern people face impermanence and suffering, how the life can be saved and transformed, and how to cultivate new life of dharma wisdom. Under the leadership of Master Cheng Yen, Tzuchi volunteers' work demonstrates various forms of engaged Buddhism in contemporary society. Drawing upon Master Cheng Yen's talk, this paper analyzes her viewpoints as the following: "to hold on to time and space of this life," "to accomplish one's life of wisdom among people," "to take actions without losing a second," "to continue and make the life of wisdom cycle," "to liberate oneself on the basis of 'larger-than-me'". Master Cheng Yen emphasizes that one's life of wisdom can be embodied through grasping the moment to serve others. Her notion of "the life of wisdom" also implies merging oneself into "the great I," namely, all beings. She expects one's altruistic doing to cultivate "the life of wisdom" and field of blessings for generations in the future. This paper also relates Maser Cheng Yen's standpoints to thoughts about "Bodhisattva in this world" of the leading thinker of "engaged Buddhism," Master Yin Shun, who is also Master Cheng Yen's teacher.