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Earned value method (EVM) is a basic approach of project cost management. However, this method did not be effectively used in construction project cost management. In accordance with national planning, valuation with bill quantity (VBQ) will be the main valuation mode of construction project in future. According to Code of valuation with bill quantity of construction works (GB50500-2008) and the requirements of EVM, this paper analysis the price compositions and characteristics of construction project under VBQ, decompose and induce various cost elements which contained in the project reasonable, and formed target cost control baseline which use EVM to control construction project cost. The method this paper presents can combine project pricing and project progress effectively, and provides a feasible way for applying EVM in construction project cost management.