The scientific investment decision-making of urban renewal project is of great significance to promote new urbanization. Therefore, this study proposes a renewal project investment decision-making model in perspective of government. Based on the analysis of the influencing factors of urban renewal projects in China, the Evaluation Index System of urban renewal projects is established. Then, a combination of analytic hierarchy process and entropy weight is used to determine the weights of each index. On this basis, the investment decision-making model of urban renewal construction project is established using the fuzzy processing method of index. The research contents can effectively support the scientific decision-making of urban renewal project.