In order to improve the economy of lightning protection transformation of 10 kV overhead distribution lines, a joint simulation calculation method for lightning stroke characteristics based on MATLAB and ATP-EMTP is proposed. Based on the actual lightning protection configuration and terrain characteristics of the line, the renovation effect of each differential lightning protection strategy and the change in lightning stroke tripping rate per unit ground flash density are analyzed. A lightning protection strategy evaluation model is proposed based on the calculation results of trip rate and the economic cost of renovation, to comprehensively evaluate each differentiated lightning protection strategy. The results indicate that the lightning protection strategy of adding insulators throughout the line is the most cost-effective, but the transformation effect is limited and only applicable to areas with low lightning risk; The lightning trip-out rate of the line can be reduced by 99 % by installing lightning arresters on the whole line, which is suitable for high lightning risk areas, but the renovation cost is relatively high. Taking the actual 10 kV distribution line as an example, the optimal lightning protection transformation schemes for all the high-risk line sections are given by using the evaluation model proposed in this paper.