In order to create a core competitiveness and upgrade technology, power grid enterprises need to conduct technology renovation project constantly. To evaluate the technology renovation project effectively, firstly, this paper analyzed the impact of technology renovation projects based on the perspective of effect and effectiveness and system theory, then a comprehensive evaluation index system was established; secondly, through ISM, we can deeply recognize the relationship between indexes, then we can remove the redundant indicators effectively in practical application and make the evaluation of technology renovation project more scientific.