The reasonable asset securitization pricing can attract more social capital investment and provide a long-term stable source of funds for water conservancy PPP projects. Based on the comparative analysis of pricing methods and the development status and characteristics of PPP projects in water conservancy industry, the option-adjusted spread method and Monte Carlo simulation method are selected to establish pricing models respectively, and the case of sewage treatment PPP project is selected to study the asset securitization pricing. It is shown that the pricing results obtained by the two methods are both in line with the market reality, but in contrast, the pricing model established by the option-adjusted spread method is more in line with the characteristics of asset securitization of water conservancy PPP projects, so its pricing results are more accurate and closer to the actual issuance price of securities.