In this study, three criteria of cost-benefit analysis-payback period, net present value, and internal rate of return, were employed to calculate the economic benefit of consolidating two small scale primary schools of Ma-ChaVillage in Pin-Tong County. At the same time, this study also calculated the economic benefit of general consolidation case in order to make a comparison, and supply another thinking direction for educational agencies when confronted the same kind of problems. The results of this study showed that no matter the sustained time of Ping-Tong Project's consolidation was ten, twenty, or, thirty years, under the condition of 6%, 8%, or 10% discounting rates, the project's net present value was always negative, the internal rate of return was lower than the bank's interest rate (8%), and the payback period was more than seventeen years. The above findings demonstrated that in this consolidation project, local government has invested too many additional facilities and personnel, so its economic benefits were pretty small. However, if these additional investment did not take into account, the consolidation project's net present value would become positive, and the payback period would be less than one year. Finally, this study concluded that the economic benefits of school consolidation heavily depends on its purpose. If there is no additional physical investment, the consolidation will result in very high conomic benefits; and when extra facilities and personnel are invested for other purposes, there will be very little economic benefits.