Patent　pool　investment　has　become　an　important　strategy　to　enhance　the　enterprises＇　competitive　power,　which　should　be　actively　used　to　protect　independent　intellectual　property　rights　of　the　innovation　achievements　by　Chinese　enterprises　for　survival　and　development　in　the　patent　war.　The　traditional　investment　decision-making　methods　ignore　the　value　of　management＇s　flexibility　and　the　impact　of　competitive　interaction,　so　it　is　limited　in　measuring　the　enterprises＇　patent　pool　investment　with　the　characteristics　of　uncertainty,　irreversibility　and　competition.　Based　on　Option　Game　Theory,　this　paper　sets　up　the　asymmetric　duopoly　model　to　analyze　the　dominant　enterprise　and　the　target　patent　held　enterprise＇s　optimal　decisions　and　carries　out　the　balance　strategic　analysis　and　numerical　analysis　to　inspect　the　influence　of　parameters　on　the　investment　option　value　and　investment　timing,　establishing　the　general　decision-making　frame　of　patent　pool　investment　analysis.