The evaluations of film and television play projects have always relied on subjective experience or the Discounted Cash Flow approach, which contributed to the high investment risks. With the staged development of film and television play projects, this research finds that it’s possible to build a real option model for film and television play projects. This study originally turns the investment of film and television play projects into a compound options, and builds a real options model with a binary tree representation to compute their value for the investors. The authors also believe it’s essential to build a options market of film and television play projects, to apply or modify the model.