To cope with the high proportion of renewable energy connected to the grid under the carbon peak and neutrality goal, the investment in distribution network construction will account for more than 50% of the power grid companies’ investment direction in distribution networks in China. According to the characteristics of distribution network investment under the high proportion of renewable energy, a new evaluation index system of distribution network investment efficiency is constructed from the three dimensions of power supply guarantee capacity, total carrying capacity and value creation capacity. Besides, it put forward the game theory combined weighting method based on fuzzy BWM (F-BWM) method and anti-entropy weight method (a-EWM) and the multi-attribute decision-making method of MARCOS based on Pearson coefficient instead of the covariance matrix and improved weighted Mahalanobis distance (I-M-MARCOS). Finally, eight typical distribution network projects in a province of China are selected for empirical analysis. The results show that the model has good applicability in the evaluation of distribution network investment efficiency, and expanding the scale of distribution network and flexibly adjusting resources are the key ways to improve the investment efficiency of distribution networks.