In this paper, we investigated from the survey how the students, who have already experienced the mathematics R&E project, recognize it and then analyzed to find issues of it. Based on the result of survey and literature review, we developed the 4-step model of independent study reflecting the aims of mathematics R&E project and the charateristics of mathematical study. Furthermore, we analyzed the results obtained after it was applied to mathematics R&E project team which consisted of 4 students in a science high school, and then got the implications for the effective performance of mathematics R&E project.