It is of great significance to ensure high quality power supply and regional economic and social development by the means of improving distribution network reconstruction schemes and doing well invest in distribution network with the development of power grid. In order to deal with large amount of candidate measures, an investment benefits evaluation and decision model used for distribution network reconstruction is established in this paper. In the view of technical performance and economic benefit, a tech-economic evaluation index system of distribution network considering more reconstructed schemes such as distributed generation and distribution automation is established. Based on the evaluation result of the investment benefit of the distribution network reconstruction project, the investment benefit evaluation method and model are analyzed by combining the information entropy and the fuzzy analytic process. In addition, on the basis of quantitative scoring and comprehensive sorting, the investment decision model of distribution network constrained by funds and performance is established. Finally, the effectiveness of the model is verified. It is important to the investment evaluation and decision for future distribution network. This work is supported by Science and Technology Project of State Grid Corporation of China (No. SGSCJY00GHJS1800020).