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There are many factors affecting the cost of transformer substation project. The project cost difference is large and the data is discrete. It brings great difficulties to the classification analysis, index preparation and control management of project cost. Based on the project division of transformer substation project, this paper analyzes and identifies the main factors affecting the construction cost of transformer substation project, and uses the Random Forest model to measure 25 of the influencing factors, selects the key influencing factors to provide reference for the cost prediction of transformer substation project.