There are lots of theoretical studies on multidimensional economic effects of monopoly bundling, and it is not short of cases in reality market. However, among many of the economic effects of bundling, the research on R D effect is not rich. Based on the R D effect of bundling on telecommunications competition, using a model of vertical differentiation, studied the effects of pure bundling of monopoly’s independent products on market price and the competitive environment under the market structure of “monopoly-oligopolistic market”, also studied the effect on R D incentives of the competitive products when the market existed R D competition. The study found that: The bundling of monopolist will bring more radical price competition, lower the market share and the profit of the competitor; under the conditions of independent sales, the R D investment of monopolist is more than the competitor, but under the conditions of bundling, the R D investment of monopolist is less than the competitors’ R D investment. Therefore, bundling lowered the R D incentives of monopolist relative to the competitor.