The real options approach is more suitable to analyze the problems of investment decisions under uncer2 tainty than the traditional discounted cash flow approach (DCF) does. However , the firms’strategic investments under the imperfect competition can’t be analyzed and evaluated accurately only by the real option approach. Ac2 cording to whether considering the strategic interactions among firms’decisions under the imperfect competition , this paper divides the real option approach into the general real option approach and the strategic real option approach. Mainly focusing the strategic real option approach , this paper surveys the existent real options theoretical models and approaches to analyze the firms’investments of technology innovations. Finally , recommendations are given for fur2 ther research.