Based on the evolution of operation management policies of Chinese public hospitals，it analyzes the ideas and framework of operation and resource allocation of public hospitals from the similarities and differences between the value chain analysis of public hospitals and the traditional value chain analysis. In terms of value chain analysis，public hospitals need to consider the independent pricing right of medical service items，the boundary of basic medical activities and supporting medical activities，and the applicability of public hospitals to the balance of income and expenditure. Relatively，operation management and resource allocation should focus on the balance between medical quality and cost control，different strategic development tasks in supporting activities，financing policies around balance distribution，and economic externalities of hospital human resources and technology development，constructing the operation management mechanism of public hospitals based on value management.