Abstract: In order to evaluate accurately the invested value of hi-tech project, based on analyzing real options pricing theory and summing up the features of hi-tech project, a evaluation model of hi-tech project is set up by combined with Binominal and B-S models. With the help of the new model, we can capture management values and strategic option values hidden in hi-tech projects. This method can enhance decision-maker's practical level and theoretical capabilities, and thus improve investment qualities.