In order to address the issues on microgrid reliability assessment brought by the diversification of terminal modes, a comprehensive evaluation method based on the participation-weighted rank-sum ratio (PWRSR) is proposed. Firstly, the reliability assessment index system is established from the main dimension and interactive dimension, and two new indictors, “load-wind-PV ratio” and “load-storage capacity ratio”, are proposed. Then, game theory is used to combine analytical network process (ANP) with entropy weight method (EWM) to obtain the optimal combined weights of each indicator. To better reflect the impact of different terminals on the reliability of the microgrid, participation functions of each indicator under different terminal modes are introduced according to the indicator types. Finally, based on the differences in microgrid terminal modes and indicator types, the PWRSR method is proposed to calculate the comprehensive evaluation value. Simulation verification is carried out using actual data from a certain city. The results show that the proposed method can fully consider the cross-impact within the microgrid under different terminal modes, resulting in a more comprehensive and accurate assessment.