This paper builds multi-objective effect evaluation indicator system of smart grid construction from five connotations including strong and reliable, clean and green, friendly and interactive, transparent and open, economical and effective, which is embodied in the power generation, transmission, transformation, distribution, consumption, dispatching and information communication platform of smart grid. Taking the construction of smart grid in a certain area of China as an example, this paper uses analytic hierarchy process (AHP) to make an empirical analysis on it, and makes a comprehensive and objective evaluation on its construction effect.