Abstract: The project investment of hi-technology is of obvious features ofventure investment. But it contains more risks and uncertainties than the normal project investment. So the appraisal of the project investment of hi-technology is different from the normal appraisal of venture investment. This article points out that the existing appraisal method needs to be enhanced and improved with fuzzy theory according to the features of the project investment of high-and-new technology after summarizing and analyzing the use and limitation of NPV method. A new way is tapped to value the high-technology projects.