Abstract: The evaluation methods for growth enterprises were investigated respectively from the angles of certain investment and uncertain investment. An evaluation model characterizing the growth features of different stages was put forward through analyzing the shortcomings of one-step growth evaluation models. From the characteristic of managerial flexibility of growth enterprises, the real option pricing approach was adopted to evaluate the value of managerial flexibility with single growth chance or sequential growth chance, which overcomes the inherent faults of the discounted cash flow method in evaluating the value of managerial flexibility.