I can't be completely sure from the thumbnail, but this dress appears to have a gathered bodice, ruched belt and pleated skirt.
To replicate this look, start with a dress or top pattern that features a similar bodice. If the pattern does not have a fairly straight, slightly gathered skirt, find a pattern for a suitable skirt.
The easiest way to get the pleats is to use pre-pleated fabric. Like this http://www.dessy.com/accessories/fortuny-pleated-nu-georgette-fabric-by-the-half-yard/#.UMXnj6w70b0
A surprising, but slightly less expensive option, is to repurpose a set of pleated "Isis Wings" used in belly dance. They come in many shades of organza and lame http://www.ebay.com/sch/i.html?_trksid=p5197.m570.l1313&_nkw=organza+wings+bellydance&_sacat=0&_from=R40
One set can be sewn together and cut down into a semi circle pleated skirt.
Or you might get lucky in a thrift shop, as I did. I found two olive green satin formal gowns with grease marks on the bodices and beautiful full pleated satin skirts, in pristine condition. I removed the skirts from the bodice, but then it became one of those projects that just falls to the side. Anyway...
Baste or stay stitch along the edges to hold the pleats in place as you work. Position the pattern pieces from the straight skirt with the pleats going up and down the skirt vertically.
The hard way is to make the pleats yourself. I find it time consuming and tedious. It's expensive, too, you'll need three times as much fabric. Worst of all, the pleats may not be wash fast. You'll need a fabric that can hold the pleat crease made with an ordinary home iron and starch, or the pleat will wash out with every laundering. If that happens you'll need to repress them back in. You can sew the pleats in place by edge stitching alllll the way along each vertical fold, but that eats up a lot of time and thread. Silk fabric pleats nicely and will hold the pleats through dry cleaning, but the instant water touches the silk the creases will vanish.
Knife pleats, the kind usually used on clothing, are all the same size and face and fold in the same direction. Check Youtube and Google for tutorials on how to make knife pleats. Also, the bottom of the skirt in Simplicity 2172 steampunk costume is knife pleats, you could follow those instructions adapting the pattern for length. Basically, you mark the fabric, fold it, and press or stitch the pleats in place. Accordion pleats alternate directions of the fold. The bellydance Isis wings are accordion pleated, so the look is slightly different.
If I were going to duplicate this dress, I'd use a pair of the Isis wings, even tho the pleat would be different. My second choice would be the pre-pleated apparel fabric. I would avoid trying to make a pleated skirt like this from scratch, but that's just me.
If you want to try making your own pleats, I suggest finding a simple skirt pattern with a few knife pleats as a design element. Make up a sample to get a taste of pleat making. Experiment with different fabrics, and wash the test pieces the way to plan to launder the finished garment.