Since the advent of Internet in 1969, the information technology has gradually covered the whole world and brought new revolution to mankind. Most of the Internet companies are in a rapid growth period, with a new business model, profit model and advanced technology, as well as the following high growth, high risk characteristics. The issue of value assessment of Internet companies has become the focus of interest among all stakeholders. However, because of its business model, profit model are different from traditional enterprise, Internet enterprise has a high uncertainty of income, and lack of historical data and market data, its evaluation process is very different from that of traditional enterprises. Therefore, how to make reasonable valuation of Internet companies and how to establish a scientific and effective evaluation system is more and more important and urgent.In this paper, the valuation methods of newly emerging Internet companies and several commonly used valuation methods are elaborated, and applicability analysis is made. On the basis of the existing Internet enterprise valuation methods, this paper further discuss the selection of evaluation methods and the selection of indicators, which are different from those of general enterprises. At the same time, this paper selects the most representative Internet listed companies in China as a case of Tencent Inc, analyzes the renewal of the business model since Tencent Inc has been listed in the market, predicts the development trend of its business according to the industry environment, and applies it to the research method of the value evaluation of the Internet enterprises. Finally, the effect of the valuation method is discussed.On the basis of the theoretical research, this paper selects the unique valuation model of the Internet enterprise based on the user quantity, and the traditional EVA method commonly used in the traditional absolute valuation method, to evaluate the enterprise value of the Tencent Inc in 2020, and to obtain the three methods. The results were compared and analyzed. The value of the Tencent Inc in 2020 was 3210 billion yuan through the Guotai junan Internet enterprise valuation framework; the value of the enterprise obtained through the EVA model was 1893 billion yuan, and the value of the Tencent for reference was 3093 billion yuan, so the evaluation results obtained from the Guotaijunan Internet enterprise valuation framework can better reflect the characteristics of high growth of Internet companies.Through the evaluation of Internet companies taking Tencent as an example, we draw the following conclusions and suggestions. The first is that the valuation method based on the user quantity has some advantages in the process of evaluating the value of the Internet enterprise, and hopes to promote the application of this method in the field of Internet enterprise value evaluation. Secondly, when investors judge the future value of the Internet enterprise, it is necessary to analyze its business model and predict its business income. At the time, we need to have a thorough understanding of the whole industry and timely grasp the information update to make a reasonable prediction; thirdly, the Internet enterprise can choose the valuation method according to its own life cycle; the fourth is the current enterprise value evaluation methods have its limitations, and can not be fully applicable to all Internet enterprises.