In the era of big data, data is an important strategic resource and its value is constantly mined and created, becoming a new asset. Data assets are digital resources that are legally owned or controlled by enterprises, public institutions, and government agencies and can be measured or traded. It can directly or indirectly create economic and social benefits. International investment law offers a framework for the protection of data assets. The “open” definition of investment in investment agreements allows for the inclusion of investors' data assets under the protective scope of these agreements, thereby facilitating comprehensive protection across various forms of investment and enhancing the adaptability and flexibility of investment agreements. Through the analysis of Einarsson v. Canada, it can be found that data, as assets in the first arbitration case of the International Center for Settlement of Investment Disputes, involved issues such as the eligibility of data assets as protected investments, the application of fair and equitable treatment clauses, the disclosure of data as indirect expropriation, and the valuation and compensation of data assets. Difficulties need to be solved from such aspects as facing squarely the impact of data ownership on data assets in international investment protection, attaching importance to the compatibility between fair and equitable treatment clauses and the stability of data supervision in host countries, building the identification criteria for indirect collection of data assets, and establishing the valuation criteria for data asset compensation in international investment arbitration. To provide new ideas for protecting data assets in the international investment framework and promote the legitimate and effective use of data assets. International investment law provides protection and dispute-resolution mechanisms for dealing with cross-border investments, and the inclusion of data asset protection can ensure that the management and use of data are regulated reasonably and uniformly across the globe. Analyzing the problems that arise during the investment process of data assets and the issues faced in Einarsson v. Canada can evaluate and reflect on whether international investment law can fully protect the investment interests of enterprises in the new economic model. This can help enhance the value of data assets, promote economic development, and provide a more reliable and stable investment environment for investors and countries.