By applying the concept of real options in economics, IT project development is regarded as a process of real options' change in this paper. The issue of how to reduce the risks that exist in this process is discussed in a view of hedging possible risk losing instead of traditionally diminishing risk probability. Firstly, real options in IT project development are categorized into four types, and then each risk decision-making model is given respectively. Secondly, the solutions of these models are illustrated by examples with consideration of six factors about real options pricing. Finally, it is summarized that other uses and one possible research aspect of real options in IT project management.