Abstract:R D investment is an important part of enhancing the international competitiveness of high-tech enterprises. It is strategic and practical significance to scientifically and reasonably evaluate mobile communication technology R D investment. Based on the analysis of multi-phase flexible in R D investment, and considering the change of volatility in comprehensive risk of the project life cycle, this paper establishes compound real option model to evaluate the mobile communication technology R D investment. Morever, case study on large mobile phone operator who research and develop mobile payment systemt is provided to verify the Validity and practice of evaluation model,as well as the feasibility of the project manager"s empirical inference and objective comparison to estimate the volatility of the specific period of time.