Substations in flood prone areas have severe prevention needs, so the research on the feasibility evaluation of flood prevention scheme is of great significance. Based on the theory of engineering economics and combined with specific cases, this paper adopts the life-cycle cost analysis, quantifies the improvement project of substation flood control project according to the flood prevention performance requirements of substation in each period, puts forward the cost calculation formula of each stage, and finally puts forward the cost-benefit analysis method to judge the feasibility of the scheme. The results show that the one-time flood control investment is the decisive factor of improving the flood prevention capacity of substation, and its reasonable proportion in the total cost of the whole life cycle should be about 80%.