Aiming to analyze traveler’s mode choice behavior under bounder rational, this paper introduced the prospect theory in the mode choice decision-making. First, the subjective perception cost of travelers with different time value on the three different transport modes, private car, bus and taxi, was analyzed, and the traveler’s mode choice behavior was discussed under the traveler’s generalized travel cost, the probability distribution of travel time changing and travel time constraints, respectively. Comparing the difference of numerical examples between prospect theory and expected utility theory, it indicated that the prospect theory is more dependent on the weighting function changes; and under the travel time probability changes and the time constraints, the car owners tend to choose private cars. The prospect theory is more applicable to analyze traveler’s mode choice behavior under the uncertain environments.