This paper gives a new method into the evaluating system of telecom investment projects, i.e. Real Option. This may overcome the defects resulted from employing Net Present Value (NPV), which is now used in the evaluation of telecom projects. A theoretical analysis of Real Option is provided, followed by an example of telecom investment project to illustrate the differences between the two methods. This paper gives a new method into the evaluating system of telecom investment projects, ie Real Option. This may overcome the pediorating causes employing Net Present Value (NPV), which is now used in the evaluation of telecom projects. A theoretical analysis of Real Option is provided, followed by an example of telecom investment project to illustrate the differences between the two methods.