Abstract: Oil exploitation project has typical characteristics of real options, many foreign scholars in the field of real option applications and other aspects of the study, the domestic situation of the specific conditions for the oil law, application of real options is also rare. This article describes the basic theory of Real Options and features, and Blaek-Scholes pricing model using a case study, and compared with the traditional net present value analysis, the net present value method underestimated the value of the project, while the real options law fully considered the flexibility of the project value under uncertainty, thus further ensuring the scientific nature of oil production decisions.