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As an important part of IT project procurement management, IT project procurement models have played a critical role in enhancing fund use efficiency to achieve the objectives of IT project. This paper discusses the relationship between life cycle and procurement of IT project, thus putting forward two procurement models, that is, single-stage procurement model and two-stage procurement model. The concepts, application conditions, advantages and disadvantages of these two procurement models are analyzed in detail in the paper. Comparisons between these two models are made. Moreover, the paper also conducts comparative analysis on the four sub-models of two-stage procurement model, whose demarcation points are rest on requirement analysis, preliminary design, detailed design and implementation respectively.