According to the quality of one-time ,uncertainty and high risk in engineering project, the importance of management by objetctive of construction project is expatiated. The features and structure model of the system of management by objects are analyzed and established. The principle to determine the superiority of objectives in different levels and the "Analytic Hierachy Process" to calculate the weight factors are put forward. The method of active and passive control is employed to manage the project dynamically so that the successful enforcement of the overall objectives will be ensured and meanwhile the best investment effect will be achieved.