Black-Litterman Model is an investment portfolio model which is widely used in developed countries， however，this model faces the difficulty in how to determine the investor’s subjective return，currently，the agencies and individual investors usually use experience and data random to determine their subjective return. Empirical analysis shows that the effective improvement of this model can be conducted by using simulation method to measure the implicit volatility of the option and by analyzing the subjective return of the investors in Black-Litterman Model set up by option skew analysis.