The landing rate of current public private partnership (PPP) projects in China is low: and the performance evaluation of PPP projects lacks practicability. Hence, the overall operating state of urban rail transit PPP projects is investigated systematically; the DPSIR method is introduced to establish the evaluation index system; the indexes are screened and classified in terms of driving force D, pressure P, state S, impact I and response R; and the performance evaluation index system is established. And then the COWA operator is used to determine the index weight; the indexes are classified by questionnaire survey and data statistical analysis; and the evaluation model is established by matter element analysis method. Finally, the evaluation model is used to evaluate the performance of Beijing Metro Line No. 4. The results show that: (1) The scientificity and practicability of the evaluation model is proved; and the performance evaluation result of Beijing Metro Line No. 4 is good. (2) The performances of driving force and state of Beijing Metro Line No.4 is good; but the performance of impact needs to be improved.