Abstract: When the income method is used to evaluate the value of mining rights, the traditional capital asset pricing model (CAPM) being applied to determine the discount rate cannot reflect the impact of non-main business investment and income made by mining enterprises around mineral resources development on discount rate. The system risk correction coefficient α was introduced to adjust the impact of the ratio of the change rate of non-main business profit and the change rate of main business income of mining enterprises on system risks, developing an improved CAPM model. With the mining right evaluation of a certain gold mine as the background, the system risks and non-system risks of the enterprise were measured based on the comprehensive leverage coefficient, and the minging right value was evaluated by using the improved CAPM model. The results show that the improved CAPM model is suitable for mining right evaluation by adopting the income method.