With the advancement of distributed energy and power electronics technology, traditional rigid substations can no longer meet the needs of users. AC and DC power distribution technologies based on flexible substations have emerged and developed rapidly. As the node of energy transmission, flexible substations can improve the safe and stable operation level of power grids. In order to explore the technical and economic evaluation of AC/DC distribution power systems considering the flexible substation, this paper considers the technical, economic, and social aspects of AC-DC distribution network operation, through constructing a comprehensive evaluation index system firstly. Then the index selection model is proposed based on the gray correlation clustering for analysis. Secondly, the preference ambiguity and objective information of decision makers are taken into account to establish a comprehensive index weighting model based on the fuzzy analytic hierarchy process and entropy weight method. In addition, the TOPSIS method improved by the gray correlation is utilized to construct a transaction comprehensive evaluation model of DC distribution networks. Finally, different distribution network operation scenarios are considered analysis. It is shown that the integrated evaluation model established in this paper can better reflect the true level of the evaluation scheme. On the other hand, the AC/DC distribution network involving flexible substations for distributed power sources such as the wind and solar power has greater technical and economic advantages than traditional distribution networks.