The RI beam factory is under construction at RIKEN. In the first phase, a new multi-stage acceleration system will be started to operate in 2004. This system consists of three ring cyclotrons with K =520 MeV , 980 MeV, and 2500 MeV in each. It will boost the heavy-ion energies obtained by the existing K540-MeV ring cyclotron up to 350 MeV/nucleon. The heavy-ion beams are converted into intense RI beams via the projectile fragmentation or fission. The construction of the second-phase building will be started in 2002. In the second phase, an accumulator cooler ring and an electron-RI beam collider will be built. The first electron scattering experiment on unstable nuclei is scheduled for 2009.