Abstract:High Risk-High Reward (HRHR) research refers to scientific research with high risk of failure but characterized by breakthrough, innovation and originality. It truly reflects the original innovation ability of science and technology, is committed to bringing major scientific discoveries and technological breakthroughs, and is conducive to accelerating the improvement of national competitiveness in original science and technology. The theoretical and methodological research in this area will help improve science and technology policies. On the basis of clarifying its development background, conceptual connotation and characteristics, this paper discusses the construction of a "decision-fundingimplementation" model of HRHR research and management system. By taking the HRHR projects of typical international scientific research institutions as case studies, it systematically analyzes, compares and summarizes the basic principles, review processes, advantages and disadvantages of representative academic review mechanisms such as peer-review model, project-manager model, and de-review model. Based on the innovation experience of foreign HRHR research projects, some suggestions are put forward:formulate HRHR research funding policies to promote original innovation; improve the academic review mechanism for selecting HRHR research; and create an excellent academic ecology that stimulates HRHR research development.