As a part of the new energy system, energy storage has been widely used in the distribution network due to its excellent regulation effect. However, the energy storage life will be affected by its operation characteristics, resulting in inaccurate planning results. In order to solve this problem, a distribution network energy storage planning model is proposed considering the cyclic discharge depth constraints. Firstly, the basic principle of rain flow counting method is introduced. Combining with the idea of piecewise linearization, the corresponding relationship between discharge depth and energy storage life is established. On this basis, an energy storage life model considering the constraint of equivalent cyclic discharge depth is proposed. Then, taking the minimum total cost as the objective function, a planning model considering the energy storage life is established. Secondly, the non-convex terms in the model are convex and transformed into a second-order cone programming model. Finally, simulation verification is carried out on the improved Portugal 54 example system to verify the effectiveness of the proposed model.