Abstract: At present,the power grid is in the critical period of accelerating the construction of electric power marketization,expanding various businesses and seeking profit points. The smart grid key business evaluation model based on value chain ＆ smart grid investment multi-objective multi-service decision optimization model are constructed. The hybrid cuckoo algorithm is used to solve the multi-service decision optimization model.The calculation example analysis verifies the correctness of the multi-service investment decision model and the superiority of the hybrid cuckoo algorithm,which provides reference for power grid enterprise to develop combinated power grid business.