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This paper is concerned with the control performance assessment based on the multivariable generalized minimum variance benchmark. Firstly an explicit expression for the feedback controller-invariant (here we call it generalized minimum variance) term of the multivariable control systems is obtained, and consequently the derived feedback controller-invariant term is used as a standard benchmark for the assessment of the control performance of MIMO processes. The proposed approach is based on the multivariable minimum variance benchmark and univariate generalized minimum variance benchmark. It is the extension of the above two benchmarks. In comparison with the minimum variance benchmark, the new approach is more reasonable and practical for the control performance assessment of multivariable systems. However, it does need more information of the process. The utility of the developed approach is illustrated by simulation example.