Drilling industry experienced 10 years of prosperity and developed too rapid affected by the market; the management was ignored in the pursuit of production efficiency. Now, facing to the small market share, low price, high cost and great pressure of competition, how to survive and keep on developing must be solved for drilling industry. Through the analysis on the current situation of the development of drilling industry, the paper exposes some problems in drilling cost management, summarizes the characteristics of cost management in drilling industry and discusses the measures for the implementation of scientific management of machines production by means of project cost management with practical examples as well as qualitative and quantitative analysis on machine production.