By reviewing the literature, the connotation and influencing factors of enterprise transformation was analyzed, and the evaluation index system of transformation ability of listed oil enterprises was constructed through literature analysis. The entropy weight method was used to calculate the index weight and calculate the comprehensive score. Based on the comprehensive score, the TOPSIS evaluation method was used to analyze the transformation ability of each oil company. Taking 59 listed oil companies as a whole, the overall transformation situation from 2012 to 2020 is calculated. According to the transformation situation, corresponding countermeasures and suggestions are given to improve the transformation ability of oil enterprises.