Abstract: Valuation of travel time as a basic parameter is important to transport facility investment appraisal and traffic congestion toll policy analysis. This comprehensive review of existing studies at home and abroad show the achievements and dilemmas to initiate a further exploration on valuation of travel time applied in China. Based on the review, this paper emphatically introduced the concept, theory, estimation methods, influencing variables which are significant for the study of travel time value. Also, problems in measurement of travel time value were presented. Finally, the issues and research directions were recommended, and attention that need to be paid to in the future study were also summarized.