In the aim of optimizing the water resources regulation and control in the middle and upper reaches of Oujiang river, an index system which contains advantageous indexes and defective indexes is proposed according to the current situation of the basin. The weights are calculated by combining entropy method which determines objective weights and Analytic Hierarchy Process which determines subjective weights, hence experts’ opinions are taken into consideration and one-sidedness of single-weighting is avoided. Furthermore, a grey evaluation model on regulation and control schemes is built in association with Grey Relation Degree, and the optimal regulation and control scheme is calculated. The present index system and model are verified reasonable and practicable through comparison with other methods. The improved index system simplifies the traditional index system and makes the evaluation more targeted. As a result, the evaluation model based on it could be applied to the middle and upper reaches of Oujiang River, and provides a new idea of optimizing regulation and control schemes for other basins.