This paper proposes a new feature preserving algorithm of triangular mesh simplification based on vertex estimation. According to the topological relationship between a vertex and its neighborhood elements, the projection prediction method is applied to predict the new vertex. Ultimately, the linear interpolation operator is used to rectify the position of this new vertex. To insure the quality of model surfaces, both the distance error control and the angle error control are introduced. The experimental results show the presented algorithm works well to keep model feature and insure model surface smoothness in the course of mesh simplification.