To　address　the　previous　researches＇　shortcomings　on　private　capital　investment　in　public　transportation,　a　new　private　capital　investment　method　in　public　transportation　considering　passenger　value　is　proposed.　An　Evolutionary　Game　Model　(EGM)　is　constructed　to　quantify　the　impacts　of　private　capital　investment.　Evolutionary　Game　Theory　(EGT)　supposes　players　are　bounded　rational;　therefore　EGM　is　more　in　accordance　with　the　real　situation.　Jinan　city　is　detailed　as　a　case　study　to　show　how　public　and　private　sectors　change　their　strategies.　Model　results　show　that　the　proposed　investment　strategy　is　superior　to　the　traditional　one　and　is　evolutionary　stable,　thus　the　strategy　should　be　encouraged.　The　EGM　established　in　this　paper　provides　a　quantitative　analysis　tool　for　administrators　and　researchers　to　guide　investment　strategies　of　private　capital　in　public　transportation　and　lays　the　foundation　for　further　research.