The financial comprehensive appraisal method plays an essential role in decision-making for investors and reflecting real company’s financial comprehensive situation. Because of the grey characteristics of financial information, this paper constructs a grey relational model with a index system of financial comprehensive appraisal by grey relation theory. It is applied to listed companies in real estate industry in China and tested in the both dynamic and static state, and then the result is that the ranking of financial comprehensive evaluation of the listed companies in the real estate industry is almost as same as the real ranking. It shows that the financial comprehensive appraisal method on the grey relational analysis is a kind of effective and good method of evaluating company’s financial comprehensive situation.