Abstract: Eevaluating the intangible asset value of railway informatization projects scientifically could help CHINA RAILWAY to implement refined management of informatization projects and improve the rationality of investment decisions. This paper introduced the main content of intangible assets in railway informatization projects, and proposed a method for evaluating the value of intangible assets in informationization projects based on the integration of excess return method and AHP (Analytic Hierarchy Process). The paper predicted the free cash flow of enterprises, calculated the contribution value of intangible assets to revenue, determined the contribution value of information technology projects in intangible assets, and thus implemented the value evaluation of intangible assets in railway nformatization projects. The research results have theoretical significance and practical value to help the informatization development and governance modernization of CHINA RAILWAY.