The outbreak of COVID-19 has adversely affected the investment in photovoltaic (PV) power genera? tion projects in China. In order to explore the impact of COVID-19 on the investment value of PV projects, the theories and methods of real options are applied to construct an investment value evaluation model of PV proj? ects under the impact of COVID-19, considering the changes of carbon trading price, power generation, power generation cost and the impact of COVID-19. Monte Carlo simulation method is also used to determine the changes in the investment value of PV projects during the pandemic. The study shows that COVID-19 has a sig? nificant impact on investment value and timing of PV projects in China, and investors can appropriately delay in? vestment to reduce the impact of the epidemic.