To mitigate the phenomenon of water shortage in tobacco irrigation in China, many water supply projects are built. With regard to the uniqueness of the tobacco water project, the suitable regulatory highlights and contents of project cost should be investigated so as to standardize the management of project cost and effectively control the project cost. Taking Guizhou Company of China National Tobacco Corporation as an example, from the perspective of whole life cycle of project, the regulatory highlights of the project cost are studied, and the regulatory contents at various stages of the whole life cycle of project are put forward. The results will play an effective role in the standardization of cost management of tobacco water projects.