In existing real option literatures , the focus is mainly on the wait2option of investing on projects. Actual2 ly , once the firm launches the project , the firm immediately obtains additional real option , e. g. , the right to con2 duct further R&D. Based on a new established model , this paper analyzes those options , not only resulting in the valuations of those options , and also concluding the optimal timing of firm’s entry and R&D. Furthermore , it is found that the optimal timing of firm’s entry is irrelevant to the R&D option , but the value of waiting2investment op2 tion is positively correlated with the R&D option.