Since 2014, China's National Development and Reform Commission and the Ministry of Finance have been promoting the Public-Private-Partnership (PPP) mode. Value-For-Money (VFM) assessment is one of the indispensable assessment in the PPP project operation process, which provide powerful guidelines for the project decision through the quantitative or qualitative analysis. However, the period of China adopting PPP model is shorter, the design of VFM assessment still exist many problems. This paper summarizes the current situation of VFM assessment in international, introducing the VFM assessment in China, analyzing the problems in the design of China's VFM assessment system, and puts forward some reasonable solutions to improve the application of VFM assessment in China's PPP projects.