OBJECTIVES To compare ranibizumab with photodynamic therapy (PDT) for the treatment of predominantly classic chorodial neovascularization associated with age-related macular degeneration (AMD) by means of cost-utility analysis in China. METHODS This study compared cost-effectiveness between Ranibizumab group (each delivering 0.5 mg of ranibizuamb monthly) and PDT group for the first year (short-term) using decision tree model, from third-payer perspective. During a 10-year time horizon (long-term), a Markov model was constructed to extrapolate effects of treatment beyond clinical trials from a societal perspective (discounted at 5%). Visual acuity data from the Anti-Vascular Endothelial Growth Factor Antibody for the Treatment of Predominantly Classic Choroidal Neovascularization in AMD (ANCHOR) trial were applied. Direct-vision-related medical costs were based on Clinical Pathway of AMD in China and experts consultation. We performed a literature review and meta-analysis to estimate the costs related to comorbid states, including fall and depression resulting from low vision after suffer from AMD, which were rarely inclusive in most previous studies. Informal care costs and utilities data were derived from published studies. All costs were adjusted according to 2012 price index in China. Probabilistic sensitivity analyses (PSA) were performed to test the robustness in structural assumptions and parameter inputs. Cost-effective acceptability curves were performed after a 1000-sample Monte Carlo simulation. RESULTS In short-term model, the incremental cost-effectiveness ratio (ICER) was $81,029/QALY for ranibizumab compared with PDT. The ICER was reduced to $13,206/QALY for a 10-year time frame, when follow-up costs were included. From a societal perspective, PSA revealed a 97.75% probability of ranibizuamb being more cost-effective than PDT at a threshold of $18,278 per QALY gained (3 times Chinese GDP per capita in 2012) in China. CONCLUSIONS Ranibizumab can be a long-term cost-effective option for the treatment of AMD compared with PDT from a societal perspective.