Through analyzing the cost, benefit and effect of project, combining the quantifiable economic index with the non-quantifiable effect index, an index system that integrated cost-benefit and cost - effectiveness is established, and the goal in synthetic, scientific and effective appraisal of Military Airport Project is achieved. By appraising the supposed example, exerting the AHP-Gray analysis method on the evaluation of the index system, it is approved that the integrated cost-benefit/effectiveness index system is rational, AHP - Gray method is a valid way to solve the problems of benefit and effect, and of qualitative and quantitative indexes in synthetic appraisal of Military Airport Project.