At　present,　research　on　the　object　business　selection　just　discusses　a　few　abstract　concept　and　framework,　lacks　systemic　thorough　operability　and　can　not　effectively　guide　practice.　According　to　the　situation,　this　paper　which　bases　on　the　connotation　and　theory　foundation　of　the　dynamic　capability　and　establishes　the　object　business　selection　analysis　frame　of　corporation　diversification　analyses　manifestations　of　the　dynamic　capability.　Then　the　system　of　evaluation　indexes　of　target　industry　selection　of　corporation　diversification　is　built.　In　addition,　using　the　method　of　Grey　Multi-hierarchal　Synthetic　Evaluation　Model,　the　paper　makes　an　application　study　on　the　target　industry　selection　of　corporation　diversification.