The real options are enlargement of the financial options. Its essence is object item investment and policy decision of management . In this paper real options investor and value function of operator are described. The opti2 mization investment policy decision of the real options has been analyzed under different information conditions. The operator of real options hides the item value information under asymmetry information. It is a principal-agent prob2 lem having the converse selection. This paper designed that objective function is taken at the biggest mathematical expectation value of investment profit . The optimization control of the state equation is taken at the investment and quantity discount . Using maximal principle the found solution scheme of the real options optimization investment and the quantity discount has been derived. Finally , the emulation experiment in the real options optimization invest2 ment was made. The analysis result of real options in the item investment problem is verified.