Black and Scholes pointed out that financial option is a financial derivative tool to deal with financial assets traded in the financial market, while real option is an investment decision-making tool to deal with some non-financial assets with uncertain investment results. Therefore, the real option is relative to the financial option, which is similar to but not the same as the financial option. Compared with financial options, real options have the following four characteristics: (1) non-trading. The essential difference between real options and financial options is that they cannot be traded. Not only does the real assets as the subject matter of real options generally have no trading market, but the real options themselves are unlikely to be traded in the market; (2) Non-exclusive. Many real options do not have exclusive ownership, that is, they may be jointly owned by multiple competitors, so they can be enjoyed. For * * * real option, its value depends not only on the general parameters that affect the option value, but also on the possible strategic choices of competitors; (3) preemption. Preemption is caused by non-exclusiveness, which refers to the pre-emption effect that can be obtained by pre-emption to execute real options, and the result is to gain strategic initiative and realize the maximum value of real options; (4) complexity. In most cases, all kinds of real options have a certain correlation, which is not only reflected in the context of sub-projects within the same project, but also in the correlation between multiple investment projects. Table 1 gives a concrete comparison between real options and financial options. Real option is also an important thinking method about value evaluation and strategic decision-making, and it is a framework model combining strategic decision-making with financial analysis. It is an analytical method and technology that applies the financial option pricing theory in the modern financial field to the actual investment decision.