This paper proposes a coordinate optimization model for multi-stage substation sitting and sizing to solve the problem of lacking effective coordination between target and intermediate years substation planning scheme. The planning schemes of target year and intermediate years are determined by a bi-level optimal framework. An overall criteria considering equipment operation time and rolling input cost is proposed to evaluate the economics of the proposed multi-stage substation schemes. Then, a coordinated optimal method for substation siting, sizing and power supplied division is presented for target year problem, and a rapid backward strategy is proposed for intermediate years problem. The proposed method can balance the economics of the target year and intermediate years planning schemes, and realize the overall optimization of multi-stage substation planning.