Abstract: The pig-biogas project-fruit circular economy development model is characterized by the “waste farming-biogas project-fruit tree fertilization” waste recycling route, which is to solve the current non-point source pollution of pig farms in the agricultural field and provide an effective means of application for the energy and fertilizer industries. In this waste recycling, the integrated analysis of material flow and value flow is the main method to measure its engineering technology and economic benefits. At present, compared with the relatively mature material flow analysis methods, the value flow method reflecting economic input and output is relatively rare in the agricultural field. Based on this, this paper proposed a pig-biogas project-fruit” circular economy value stream analysis model, revealed its material flow balance mechanism, and constructed “material flow (technology)-value flow (economic)-environmental damage cost assessment (environment)” . Through the two-dimensional mechanism analysis of the material flow-value flow of its resource recycling, the material flow balance map was determined around the goal of “recycling waste”, and the different production centers with gradual carry-over relationship in the circulation were divided to collect the input cost, calculate the effective use of resources, waste loss costs, and make an objective assessment of the external environmental damage costs (governance opportunity costs) of waste. The integrated calculation and evaluation method system was applied to the verification and demonstration of a large-scale farm in Hongshilin Town, Guzhang County, Western Hunan. The application results showed that: 1 755 pigs were slaughtered in the pig farm, and the biogas project was built, and the grassland was 4.67 hm2 and the organic orchard was 4 hm2. Through the observation and analysis of the production material process, four interrelated material circulation cost calculation and evaluation centers for pig production, pig fattening, biogas engineering and organic orchard were established, and according to production input, intermediate conversion, recycling, and product output. In the five major parts of landfill treatment, the panoramic view of value circulation was calculated, and the distribution of the whole material flow and value flow at a glance was investigated. According to the calculation data and the changes of pig farm waste discharge before and after the development of circular economy, the costs of pig farm labor, depreciation, energy, etc (internal resource cost loss), and the recovery and control of pig farm waste discharge environment were compared and analyzed. The opportunity cost (cost of external environmental damage) was reduced, and the production efficiency (product increase efficiency) of prolific pigs, energy and fruits was obtained, and the evaluation results were obtained. In this case, the result of the analysis was that the internal resources were reduced by about 1 400 yuan, the external environmental damage was reduced by about 19 300 yuan, and the product added benefit was about 36 600 yuan. The research results could provide decision-making basis for enterprises to improve resource recycling efficiency and government implementation of agricultural policy subsidies.