Abstract: "Horse racing" is a new organization form of scientific research projects in China. Recent years, the national and local governments have been performing it continuously.The attention of all parties has been increasing. However, it is in the early stage of development, and its connotation, scope of application and evaluation methods are not clear. By analyzing t "horse racing" practice cases at home and abroad, this study puts forward the connotation of "horse racing" funded by the government. Through in-depth analysis of the characteristics of various projects, the "horse racing system" is classified and its scope of application in the innovation chain is expounded. Based on the project life cycle theory, the key success factors and management points of "horse racing" are expounded, including topic selection, project establishment, implementation, achievement transformation and exit . On the basis of the above research, the evaluation link corresponding to each stage of the project is put forward, and the evaluation framework system conforming to the characteristics of the "horse racing" project is developed. The research results of this study can not only guide the managers to carry out the evaluation of the "horse racing" project, but also be used as a tool for the self-examination of the project team. Keywords：horse racing system; project life cycle; guide evaluation; milestone assessment; performance evaluation