This paper analyzes the direct economic benefit from the Yangtze estuary 125 m deepwater channel project by means of “with-without comparison”. The direct economic benefit is analyzed by data about VTS & AIS ship data records from container ships,bulk carriers and tankships in the Yangtze estuary deepwater channel and throughput along the Yangtze River in the three steps of the deepwater channel project.It draws a conclusion that the Yangtze estuary deepwater channel project has been playing an important role in speeding up the construction of Shanghai international shipping center,driving along the rapid economic growth and bringing industry organization optimization adjustment along the river.