In the context of the decreasing urban development space and the urgent need to tap the potential of stock land, the public transport-oriented TOD development model has brought new impetus and ideas for urban renewal. Based on the principle and connotation of TOD planning theory, an evaluation index system composed of multiple factors such as land attribute, traffic condition and renewal cost was constructed. The combinational weighting method, which combined entropy weight method and AHP method, was used to determine the weights of index factors. TOPSIS method, which could approximate the ideal solution, was used to quantitatively measure the renewal potential of rail transit stations, and the renewal potential of each station was graded by natural breakpoint method. Finally, taking Qingdao Rail Transit Line 3 as an example, theoretical reference and experience are put forward for the selection of TOD renovation stations.