Abstract: Asset management performance evaluation is an important part of enterprise asset management. In order to improve asset management performance evaluation system of distribution network in China, a new performance evaluation model of life-cycle asset management is proposed. Firstly, development characteristics of distribution network and the various demands of consumers in China are thoroughly analyzed. A comprehensive performance evaluation system is constructed for asset life-cycle management covering economy, service efficiency and social benefits and other aspects with consumers and distribution network as the interface. Based on decision makers’ preference, the normalization method of the range transformation is improved. According to the target of enterprise and the characteristics of each index, an optimal combination weighting method, which takes both subjective and objective factors into consideration, is used to weigh the service efficiency and social benefit indexes. Based on this, the performance evaluation model and calculation method are established. Finally, the evaluation method is applied to the performance evaluation of annual assets management of the distribution network in 14 counties of a municipal power company. By the horizontal comparison between enterprises and vertical benefit/cost analysis inside the enterprise, the weakness management is identified and the effectiveness of the method is verified.