In view of the harsh environment in the dry-hot valley of Sichuan-Tibet railway and the important role of the green protection of the subgrade slope in railway construction and ecological restoration, this paper evaluates the effect of the green protection of the subgrade slope in dry-hot valleys of the Sichuan-Tibet railway. First, an evaluation index system for the green protection effect of railway subgrade slopes is established in terms of the soil matrix quality, vegetation community quality, and protection performance of the slopes. Second, game theory is adopted to combine the improved-group-analytic-hierarchy-process method and the vector-angle-cosine method and thus determine the weight of each evaluation index. Moreover, the membership-cloud-gravity-center method is used to evaluate the green protection level of the railway subgrade slope, and an evaluation cloud map is drawn with the help of MATLAB software to further analyze the evaluation. Finally, a section subgrade slope of the DHV area of the Sichuan-Tibet railway is selected as the evaluation object, and the green protection effect is evaluated to verify the applicability and effectiveness of the model. The study provides a theoretical basis for the protection of subgrade slopes and ecological restoration in the DHV area.