Abstract: The equivalence of grey prediction models based on modified initial values is studied in this paper. By analyzing the structure of solutions for some grey prediction models, the authors prove that equivalence of grey prediction models, which modified initial values are x⁽⁰⁾ (1) + α and βx⁽⁰⁾ (1), is related only with exponential structure of solutions, but has no influence on construction of background values and estimation of model parameters. The results reveal that the equivalence of grey prediction models based on modified initial values is an essential characteristic existed in grey prediction model.