Launching large-scale agricultural development project is becoming the main approach to develop regional agricultural economy in China.In accordance with the characteristics of these projects,such as large investment,high risk and long investing period and the combination with method of milestone determination,this paper used real option theory and binomial tree pricing model to assess the value of large-scale agricultural development project and verified that this method is more applicable than DCF.This new method not only solves the problem of value underestimating in DCF,but also fully reflects the worthiness of project managers’ flexibility in decision-making.