Concessions are an important way to realize the value of ecological products in national parks. Based on the analysis of the relationship between the concessions of the ecotourism project in Wuyishan National Park, the option pricing model of the concessions is constructed by applying the hybrid real option method, and the value of the concessions of the ecotourism project is estimated through the correction of the benchmark value and the option value. The results show that (1) the comparative analysis of travel cost method, conditional value method and option experiment method is beneficial to the determination of the benchmark value of the concession, and the results of the option experiment method can be interpreted as the base value of the ecotourism activities in the national park under fair conditions; (2) the benchmark value of the concession of the ecotourism project in Wuyishan National Park is 642 million yuan, the option value is 264 million yuan, the net present value is 898 million yuan, and the total value of the concession is 1.162 billion yuan; (3) compared with the traditional income method, the hybrid real option valuation method is conducive to reflecting the relationship between the future income risk and value of the national park ecotourism project, and can provide a new reference idea for the value estimation and scientific management of the concession.