The sequence of introduction of different technologies or product is affected by the difference in technology level (productquality) and investment cost between two technologies or products,and the preference of market. By taking in to consideration of the factors of the preference of market, the difference in technology level,and product quality and cost, this paper constructs a real option model to analyze the equilibrium of competition investment strategy, and cooperation investment of two competitive firms.This study shows that,(1)firms, either with a high quality and high cost,or a low quality and low cost,may become a leader; further the larger the quality difference, the shorter the interval between the two competition firms; and the higher market preference, the longer the interval between to two competition firmsthe.(2)As a result of cooperation investment,the low quality technology always appears first, and then the high quality one.Inthe two cases of cooperation investment and competition investment, the interval of the introduction ofcorresponding technologies increases with the of the cost difference,decreases with the quality difference, and increases with of market preference.