An interchangeable window treatment system has a plurality of independent fabric components including, but not limited to, a base drape panel, a valance, strap members and at least one overlay drape panel. The strap members are positioned at spaced intervals along a top of the base drape panel, forming loops to support the window treatment system on a horizontal rod. In one embodiment, the valance, one or more overlay panels and strap members are removably secured to the base drape panel with dumbbell shaped button links having enlarged button heads on opposite ends that fit through openings in the fabric (eyelets, buttonholes, etc.) on each of the attached fabric components. Any of the fabric components can be removed, reversed, interchanged and replaced to change the overall appearance of the window treatment system according to a desired style, color scheme, or theme. Medallions or other decorative elements are removably attachable at spaced intervals along the valance, button links or strap members. In another embodiment, the straps and valance are sewn to the base panel, as one piece, and the overlay drape panels and decorative elements are attached by snaps, magnets or other releasable fastening devices.