Aiming at the problem that the correlation between the equipment to be repaired is not considered when the current maintenance strategy of power grid equipment is formulated, this paper proposes a maintenance strategy of power grid equipment that considers the function-economic correlation. The health degree of power equipment is evaluated based on AHP (analytic hierarchy process) theory, the nonlinear regression model is used to fit the historical health evaluation results and equipment failure probability data based on SPSS software to obtain the equipment status failure probability model. On this basis, the equipment maintenance risk index and failure risk index are proposed, the equipment importance rating method is proposed by combining the two methods, and the equipment rating is revised considering the equipment function correlation and economic correlation, which is the basis for the establishment of power grid equipment maintenance strategy. The equipment rating is taken as the weight, and the maintenance strategy is formulated with the goal of minimizing the weighted sum of equipment maintenance risk and failure risk. The simulation results show that the overall risk of equipment maintenance strategy is lower after considering the function-economic correlation of power grid equipment.