W hen select ing a R&D p ro ject, no t on ly does the investo r con sider the techno logical risk, bu t also assesses the op t ion value of R&D. Based on the analysis of op t ion character of R&D and the in t roduct ion ofMo rris, Teisberg and Ko lbe model u sed to calcu late the op t ion value of a R&D, th is art icle describes a m ethod fo r assessing the op t ion value th rough com b in ing qualitat ive analysis in the Mo rris, Teisberg and Ko lbemodel. Mo reover, th is art icle pu t s fo rw ard a po in t of view that the op t ion value of R&D ough t to be assessed step by step.