Performance and cost analysis are the two main purposes of business process modeling, where the Petri net extended with time information is an effective tool for performance analysis, but not for cost analysis. This paper proposes a time Petri net extended with price information—Price Time Petri Net. Firstly, this paper associates a price with a time transition, and gives the semantics for price time Petri net in terms of priced timed transition systems. Then it defines a priced state class as an extension of state class, and discusses the soundness and completeness for this extension. An algorithm is given to prove that the minimum-cost reachability problem for bounded price time Petri net is decidable. Finally, this paper gives an example and draws a conclusion that incorporating price information in time Petri net and applying price time Petri net to business process management are feasible.