Abstract: Under the new electricity market reform environment, profit mode of power companies has been changed greatly since power investment is closely related to the price of electricity transmission and distribution. Therefore, new investment sequence evaluation methods for power grid planning projects is necessary. This paper builds a comprehensive index system for investment sequence evaluation of planning projects based on four sub-indexes of technical profit, economical profit, project importance and project maturity. To take into account decision-maker’s risk preference, utility theory is introduced into the evaluation. The evaluation process includes three steps. Firstly, the fuzzy analytical hierarchy process (FAHP) is used to obtain the weights of the four sub-indexes. Secondly, the utility function corresponding to each sub-index is established and each utility value is calculated. Finally, the overall utility value of the investment benefit is attained based on the vector distance merging rule algorithm. Investment sequence evaluation of four planning projects in IEEE-RTS79 system is employed to demonstrate the feasibility and effectiveness of the proposed method in this paper.