The implementation of grey and green infrastructure is an effective means to address urban flooding and nonpoint source pollution, but due to the complexity of the process and the diversity of benefits, there is a lack of measurement of the comprehensive benefits. Adopting a typical university in Beijing as an example, this paper simulated the multidimensional benefits of the water quantity, water quality, and ecology of grey and green facility renovation by coupling the storm water management model (SWMM) and InfoWorks Integrated Catchment Management (ICM). Monetization methods and economical means were employed to characterize the comprehensive benefits. The results showed that grey and green infrastructure retrofitting reduced the number of severe overflow nodes in the study area by 54.35%, the total overflow volume by 22.17%, and the nonpoint source pollution level by approximately 80% under the heavy rain scenario and 60% under the rainstorm scenario. The annual benefits of grey and green infrastructure renovation reached CNY764,691/year: of this amount, CNY275,726/year was from hydrological regulation, CNY270,895/year was from nonpoint source pollution reduction, and CNY218,070/year was from ecological improvement. The benefits of green facilities were higher than those of grey facilities, and the combined benefits were negatively correlated with the rainfall level, with a total benefit–cost ratio of 1.19. The results provide methodological and data support for grey and green infrastructure retrofitting within the context of sponge cities.