The investment in the wind power faces more risks than in conventional generation. Currently，the rapid development of wind power still depends on the government support. Both investors and policy-makers urgently need a decision making support tool to quantify the investment risks. Based on the real options theory， this paper develops a decision-making model for the wind power investment in China， which considers various influential factors on the decision such as the uncertainty of electricity prices， investment and operation costs， investment policies and investment time etc. Simulation results indicate that the proposed model can be used by investors to choose the appropriate time to invest and also by policy makers to make appropriate policies.