Abstract: Mega infrastructure projects are an important platform for value creation. Taking the super infrastructure project of Hong Kong-Zhuhai-Macao Bridge as an example, this paper focuses on the ‘implicit’ value behind mega projects. Specifically, the grounded theory research method is used to carry out open coding, axial coding and selective coding for 149 data in turn, so as to systematically sort out the five levels of ‘implicit’ values of the Hong Kong-Zhuhai-Macao Bridge, mainly including the value of mega projects in promoting regional economic integration, strengthening cultural exchanges and integration, and promoting scientific and technological innovation and the dissemination of environmental protection concepts. This article helps to improve the understanding and understanding of the value of mega projects by relevant people in the engineering management community, and provides new ideas for improving the supply quality of such projects, so as to effectively realize the value management eventually.