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Although there are many methods or models widely applied to evaluate water resources carrying capacity, the evaluation result is qualitative not quantitative. In order to quantificationally evaluate groundwater carrying capacity in irrigation district, multi-objective evaluation model of groundwater carrying capacity was established, which includes four objectives, i.e., GDP, grain yield, population and COD emissions. The multi-objectives model can factually describe groundwater carrying capacity for social economy subsystem and ecological environment subsystem in irrigation district. The improved Particle Swarm Optimization (PSO) algorithm was built and adopted to solving the groundwater carrying capacity multi-objective model. In the improve PSO algorithm, linear inertia weight and chaos variation operator are employed to improve basic algorithm global searching capacity. The model was applied to quantificationally evaluate groundwater carrying capacity of People's Victory Canal irrigation district in current year and in 2010 level year.