External benefit compensation of Urban Rail Transit (URT) is something that returns the given external benefit to track investors in certain way. This article studies theory on external benefit compensation of URT, analyzes the economy and interest of external benefit, forms the model which calculates the specified amount of external benefit of URT, studies the problems of investors' distributing benefits of external earnings, researches deeply on financial management and city resources development methods about external benefit compensation, studies the experience of external benefit compensation of URT in Guangzhou and Hong Kong, propose the selection strategy of external benefit compensation of URT in recent projects in Wuhan.