The oil-immersed shunt reactor is one of the most important reactive power compensation equipment in the ultra-high voltage (UHV) long-distance transmission and transformation system, which can solve the problem of large power and long-distance transmission that makes the capacitance effect of transmission lines obvious. At present, the commonly used state evaluation methods for UHV oil-immersed shunt reactors are mostly based on a certain factor or several factors to make judgments, without a comprehensive consideration of the overall operating condition information of the shunt reactors. There are various uncertainties in the process of fault diagnosis and state evaluation of the shunt reactors, and the accuracy and timeliness of the diagnosis results are poor. To solve the above problems, this paper combines the key characteristic parameters of oil immersed shunt reactor, such as vibration, chromatography, partial discharge, and oil temperature, and establishes a comprehensive evaluation method for the operating state of oil immersed shunt reactor based on Gaussian Cloud Model (GCM), and verifies its effectiveness through test data, whose R2 over 0.98. The test data show that this method can effectively judge the operation state of the UHV oil-immersed shunt reactor, which accuracy rate of state diagnosis is over 91%. The results of this paper can provide technical support for the application of UHV oil-immersed shunt reactor state assessment and diagnosis, and further improve the level of equipment operation and maintenance.