Abstract: Economic evaluation is important for flood-management policies and practices. The current paper reviews the progress in the theories on economic evaluation in flood management, the methods of flood damage evaluation, the cost-benefit assessment, as well as the shortcomings in these research activities. The traditional economic evaluation approaches that emphasizing on flood control could not meet the requirements in the new paradigm flood management. Future studies should pay more attentions on theoretical development for flood-management economic evaluation, the methods of assessing the benefits of nonstructural measures, the ecological and environmental impacts, and social justice in flood management.