Abstract: Based on the analysis of the multi-level principal-agent chain,the paper points out that contract for BT project is a critical link between the public and the private subject of investment control. Therefore,the investment control result of BT project depends on its contract governance. Then, the BT contract of Shenzhen Metro Line 5 is taken as a case,whose composition of the price of buy-back, influential factors,allocation of the risks and distribution of the rights of control are analyzed. The findings indicate that the fine investment control effect of Shenzhen Metro Line 5 comes from the proper design of its BT contract according to the principle of the matching of rights,responsibilities and interests, as well as the government’s proper possession of control rights during the construction period of BT project. These will help the government to be in dominant position in the investment control of BT project.