In order to study the stability of the geological conditions of the water transmission and power generation system of Qichun pumped storage power station, and selecting the optimal scheme, engineering geological surveying, high-density electrical method, and geostress test were carried out in the engineering area to qualitatively and quantitatively describe the geological conditions of the engineering area. The advantages and disadvantages of multiple schemes of water transmission and power generation systems were analyzed based on the rock and soil stress state. The results showed that the three faults reduced the engineering geological stability of the western route plan, so the eastern route plan was selected. In addition, the stress conditions of both the central and tail underground power plants meet the requirements of engineering geology and hydrogeology. However, the stress distribution of the central power plant is more uniform and there are no fractures that restrict geological stability. Therefore, a better central power plant scheme is selected.