Along with the development of Internet technology, e-Learning as a flexible and convenient educational method has been widely accepted in tertiary education institutions to enhance and facilitate learning. By avoiding costly duplication and enabling the rapid creation of online courses, the employment of Learning Objects (LOs) and their reusability can benefit any educational institution when developing digital learning content for e-Learning. This paper proposes a learning content development target model utilizing LOs and related technologies to help content authors to design, develop and publish learning content at a minimized cost. The proposed model consists of identified variables that directly or indirectly influence the learning content development cost. Following elaborate development strategies in the proposed cost-effective model, content development process is simplified and cost-effective learning content can be created and delivered to the learners.