With the evolution of social ethic and decision valuation, ethical decisions are more and more paid attention to by enterprises' managers. On the basis of previous researches, the article puts forward a Valuation model of ethical decision making. The model involves four ethical levels: conduct level, fair level, integrity level and avoidable harm level. At the same time, the article elaborates the contents of each level and the relationship between different levels at length, which provides an analytical framework of ethical decision making for enterprises' managers, and contributes to enhancing the ethical level of decisions.