The "14th Five Year Plan" is the construction peak of pumped storage power plants, as well as the critical and window period for carbon peak. Under the current two-part electricity price mechanism, strengthening the investment management and control capability of pumped storage power plants is of great practical significance for improving the capital utilization efficiency of power enterprises, improving the investment quality, and reducing the power consumption cost of end users. A cost benchmarking index system for pumped storage power stations has been established, which covers six indicators, including the investment in the hub project, land acquisition and resettlement costs, independent costs, basic reserve funds, reserve funds for price increase, and loan interest during construction. Benchmarking has been carried out for units with different installed capacities and historical data to verify the scientificity of the method, and five cost control improvement strategies have been formulated.