Compared with the methods of energy and currency analysis, the natural environment resources and the social resources investment in the system are considered in energy analysis method created by H.T.Odum, the relations among the environment, economy and labor services and the contribution to the system are measured comprehensively. Aiming at the electric power generation system of Municipal Solid Waste (MSW) incineration, the solar energy is used as the unified criterion. The energy flow, material flow and currency flow in the system are analyzed quantitatively, the fund of Greenhouse Gases (GHG) reduction in the Clean Development Method (CDM) is considered too, and the energy input including the natural environment resources, human labor services, construction and operation of the power plant and the energy output of the system are obtained. Then the corresponding energy yield ratio (EYR), energy investment ratio (EIR), energy loading ratio (ELR), renewable investment ratio (RIR) and energy sustainable ratio (ESI) of the system are calculated. The results indicate that the EYR of electric power generation system of MSW incineration is 1.43, and it is relatively low. Namely, the efficiency of the system is low, and the economic benefit is not good. This is why the operation of electric power generation system of MSW incineration needs the application of new technology and the finance support of government. The EIR is 0.21 that shows the feedback energy of economy is poor and the environmental resources have not been used optimally. The ELR is 0.17 that indicates that electric power generation of MSW incineration purifies the environment and environmental loading is lower. RIR is as high as 87%, and it shows the renewable environment resources make a great contribution to the system. ESI is 9.93 that means the sustainable development of the system is better. Energy analysis indices comprehensively reflect that electric power generation system of MSW incineration is friendly to the environment, and has a good prospect, however, the energy output is low, and the economic benefit still needs improvement.