Based on the analyses of the usage scenarios and limitations of the traditional NPV model, this paper aims to introduce and compare three kinds of the most practical and representative versions of the improved NPV models. In this study, the traditional NPV model is first introduced; followed by analyses of its main defects, such as low flexibility, inability to quantify the value of options, and changes in discount rates that may lead to errors in results. Therefore, three improved NPV models are introduced including Max-NPV, Fuzzy NPV and DNPV. The development background, reasoning logic and application scenarios of each of the three modified models were demonstrated in detail. In the end, some feasible suggestions are given including how to select appropriate modified NPV in reality as well as the matters needed to pay attention to application. This paper could provide useful reference for the NPV related study in the future.