Patent valuation has long been a major challenge or concern within the R&D community, patents are also considered the most important indicator of the power or strength of a country. China submitted 58,990 patent applications through the Patent Cooperation Treaty (PCT) in 2019, ranking first in the world (System, 2020). However, many experts display a hesitant attitude towards its practical value. PCT covers a very broad scope of countries and some are easier to apply, therefore, the value or impact of each patent might not be the same. What is the value of patents? How to fairly value patents? This deceptively simple question has occupied the efforts of a generation of researchers or policymakers. Traditional economic or cash flow-based approaches, such as discount cash flow (DCF) model, cost-based valuation model, market-based multiplier model, and/or combinations of the above all have fundamental weaknesses that patent is knowledge-based which influenced by a broader scope of issues or factors (Chung, Lai, & Fu, 2013). Therefore, it is needed to develop new approaches or borrow existing methods that used in other industries to support patent valuation. This research deals with patent valuation with decision-making metrics integrate technical, legal and market uncertainty-based indicators, two alternative approaches, namely, minimizing the total deviation from the ideal point (Approach 1 competition strategy) and minimizing the mean absolute deviation (Approach 2 cooperate strategy), are then proposed to develop weighting schemes with respect to all criteria. The above proposed approaches are applied to estimate the level of patent value in Guangdong-Hong Kong-Macao Greater Bay area. The result of patent valuation of nineteen universities in GHMGBA will generate more inspiration for future educational cooperation and communication. The proposed new model arouses a new ideal to use method in decision making science for further research in patent valuation, which in a more neutral and convincing manner that is not set specific value to a criterion.