Abstract: With the continuous prosperity of China's futures market, To avoid the risk caused by the excessive fluctuation of stock price, the study takes Zhang yuan Tungsten as an example, we use the improved B-S two tree option pricing model to analyze the problem of non-ferrous metal stock option pricing. The results show that the initial reasonable price of the option, the value of the node in each stage and the option treatment can be obtained through the evaluation. Therefore, B-S-binary tree option pricing model can be used to evaluate stock value, strengthen executive personnel's control over executive risk of stock options, decide whether to continue holding or advance the agreed execution price.