Abstract: As a critical link between the transmission grid and end users, the distribution network’s planning decisions directly affect grid operation efficiency and investment effectiveness. In the process of distribution network planning, project selection and ranking play a key role in achieving efficient resource allocation. To address the limitations of traditional project selection and ranking methods, which often rely on single indicators, this paper proposes a method for project selection and ranking based on comprehensive benefits. A comprehensive benefit model is first developed, centered on annual electricity consumption of new loads, annual reduction in power loss due to improved reliability, and annual reduction in power loss from decreased line losses. Based on this model, a multi-level ranking mechanism—comprising initial ranking, refined ranking, and manual adjustment—is established to accommodate different project types and scenario requirements. Furthermore, a closed-loop process is proposed, linking investment decision-making with planning indicator adjustment, enabling dynamic optimization of investment strategies and project evaluation metrics.