In this paper, a low-cost Vector Network Analyzer (VNA) design is presented: from an initial study of network analysis fundamentals to a working design. In a first part of this paper, the architecture and functionality of a VNA are handled. The hardware components and their specifications are described. The design in this paper uses a Direct Digital Synthesizer (DDS) to generate signals. To measure phase and magnitude differences, integrated detectors are used. The design needs to be able to run embedded software in order to work. The programs, written in C code on an ARM processor, give the user the opportunity to set up the measurements using an LCD display, showing the results in a magnitude and phase plot or a Smith chart with a marker indication for reading out characteristics.