Abstract: At present, the research on economic evaluation of offshore wind power (OWP) is poor, while OWP urgently needs economic evaluation as the basis for its large-scale application. Based on the economy of OWP projects, this article firstly reviews the composition and development of offshore wind farms and analyzes 3 types and 6 development models of current OWP projects. Then the whole life cycle of OWP projects are divided into 3 stages, including initial investment, operation maintenance and retirement recovery, and the cost of each stage is analyzed and its respective mathematical model is established. Then, 6 economic indicators such as NPV are introduced to evaluate an OWP project for case study. Finally, the current progress and research deficiencies of OWP projects are summed up, which can provide a direction for future research and a support and reference for the more economical development of OWP.