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This paper focuses on the evaluation of the operational effect of a pumped storage plant in a new power system. An evaluation index system is established by selecting key indicators from the four benefit dimensions of system economy, low carbon, flexibility, and reliability. The evaluation criteria are based on the values of indexes for pumped storage plants that have already been put into operation. Using this method, the operational effect of pumped storage plants with different installed capacities, regulation durations, and conversion efficiencies are comprehensively evaluated and analyzed. The calculation results show that the operation effect of a pumped storage plant with high regulation performance and high comprehensive conversion efficiency is better, indicating that the established index system and evaluation method can comprehensively and truly reflect the positive benefits brought by a pumped storage plant to a new power system. This study can provide a practical reference for the early planning and decision making of pumped storage in a new power system.