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By analyzing the characteristic of each link and each stage in smart gird, smart grid maturity model has been established. This model involves 8 dimensions, 5 hierarchies and 50 assessments, is accompanied by the whole innovation process of smart grid and cover each link: generation, transmission, substation, distribution, consumption, dispatch and communication information. Based on this model, one method of multi-objective planning of smart grid has been proposed. Through assessing each dimension's maturity by gray target decision model, the distinction between each dimension and multi-objective of smart grid has been ascertained, thus the planning content of smart grid can be defined with pertinence. Practical application effects in two cities indicates this method can thoroughly describe the planning elements of smart grid, help to develop construction definitely, embody feasibility, practicability and economy, and has good application value.