Abstract: In order to select the compromise solution of the costs, the current limiting effects and the load reliability in the optimal configuration of the flexible current limiter, this paper proposes a new type of Pareto optimization configuration method for the flexible current limiter. Firstly, this method introduces the Monte-Carlo fault simulation model into the traditional sensitivity analysis, which illustrates the coupling relationship between the control variables and the operating variables in combination with the multiple factors in the distribution network so as to select the candidate branches that have a greater impact on the distribution network. Secondly, a multi-objective improved bat algorithm is proposed to search the Pareto front solution set. By introducing the stochastic inertia weight strategy, the local iterative search strategy, and the balance strategy, the shortcomings of the local optimization and the premature convergence of the traditional algorithms are overcome. Finally, based on the whole life cycle costs and the present value of the future cash flows, an economic value model of the flexible current limiter is constructed to evaluate the actual service life and the various costs of the selected program. The proposed method is simulated and verified in an improved IEEE-33 node distribution network. The results show that the method proposed in this paper has high solving efficiency and provides a new optimal configuration idea for the practical engineering application of the flexible current limiters.