The construction of distribution network will be the focus of China’s power grid investment in the future. However, it is difficult to match investment and benefit due to the network characteristics and the characteristics of multi-year continuous investment. Under the new trend of distribution network development, this paper constructs the investment performance evaluation index system from 6 aspects: structure of distribution network, power supply capacity, power supply quality, equipment level, automation level and green energy. Taking the characteristics of distribution network investment into consideration, this paper introduces the dynamic comprehensive evaluation method with speed characteristics to establish a comprehensive evaluation model of distribution network investment effectiveness. The model is verified through the analysis on the 6 city power supply bureaus from 2011 to 2015 about the distribution network investment. The results show that the proposed model considers the state and the trend of the change rate, so it can evaluate the benefit and dynamic development trend of distribution network with multiple different evaluated objects at specific stages.