The deployment of automation equipment in the distribution network can effectively limit the negative impact of failures, thereby improving power supply reliability and reducing power outage losses. However, a full coverage scheme would greatly aggravate the financial pressure on power companies. In order to rationally configure various types of automation equipment and maximize the effectiveness of funds, a multi-objective optimization model of distribution automation equipment is proposed. First, the relationship between the distribution of various equipment and the time of load outage is analyzed, and then the expression of the reliability of power supply and the loss of power outage on the distribution of equipment is obtained. Secondly, with the life cycle cost of various types of equipment as constraints, a multi-objective optimization model of distribution automation equipment based on mixed integer linear programming is established. A mathematical solver is used in conjunction with the EPSILON constraint method for analysis, trying to use limited funds to obtain the greatest power supply reliability and the smallest power outage loss. Finally, the results of calculation examples based on IEEE RBTS-BUS4 show that the proposed model can accurately and effectively optimize distribution automation equipment, intuitively reflect the relationship between power supply reliability and power outage losses, and provide power grid planners with supplementary materials. This work is supported by the National Natural Science Foundation of China (No. 51777067).