Abstract: Power generation enterprises, due to their high carbon emission, are responsible for Chinese energy transition. Therefore, low-carbon transition is the only way for power generation enterprises to develop. In consideration of the actual situation of Chinese power generation enterprises, this paper constructs a low-carbon transformation performance evaluation index system for power generation enterprises on five levels: financial performance, power generation technology and economy, pollutant discharge and utilization, low-carbon power structure, organizational and technological innovation. The Entropy-ANP-TOPSIS method is used to evaluate the sample enterprises from both time series data and cross-sectional data. The study found that Chinese state-owned power generation enterprises have made good progress in the low-carbon transition during the “13th Five-Year Plan” period. Among them, the optimization of low-carbon power structure and the improvement of power generation technology and economy have a relatively large impact on their low-carbon transition performance; the low-carbon transformation performance of the State Power Investment Corporation Limited is relatively good.