The value engineering research model is introduced into the regulation project of the main stream of Huaihe River, and the adjustment and construction project of Xiangmiao-Fushan reach is treated as the research object of value engineering. The construction preparation stage is regarded as the entry point, and the related issues such as layout of mud disposal area in the river dredging project is the research focus. Through functional analysis and program creation, by means of the reasonable minimum engineering cost, the integrated optimal functional value of river regulation is achieved. The research results are directly applied to the project construction practice so as to optimize the design and implementation schemes and to save the project investment.