Because of the potential problems in traditional theory about project evaluation, this paper presents an in depth review of the research on the newly developed framework of the evaluation option game Theory, which is derived from OPT and Game Theory. On the basis of thorough analysis, a general framework is provided to outline the analysis and research; secondly, we embodied the present Option Game models in the framework to make a better understanding of them. In the last section, further research direction of option—game theory and its applications are indicated．