Time Petri net can analyze internetware performance, but it cannot analyze internetware changing price. To further satisfy the flexible modelling and the changing price analysis demands of inernetwares, this paper defines a price time colored Petri net (PTCPN) which provides an extension in the changing price information and color information for the time Petri net. This paper redefines the semantic aspect of price time colored Petri net in terms of priced timed transition systems. A cumulate price state class is defined, and its soundness and completeness are discussed. An approach is proposed to formalize internetware polymorphism and internetware control structures based on the price time colored Petri net. Finally, the approach availability is verified with an example. The results show that it is feasible to applying price time colored Petri net to the formal modeling and the analysis of internetware.