Abstract: The evaluation of project operation and maintenance effect is an important part of verifying the construction results and promoting the realization of project goals. Aiming at the problem that the evaluation basis of operation and maintenance effect of green livable village construction project is fixed and the subjective value perception of managers is ignored, this paper proposes a double reference point project operation and maintenance effect evaluation model based on double-loop project learning theory and prospect theory, which includes decisionmaking goal and dynamic goal. Firstly, based on the characteristics of the project, the evaluation index system is established by using grounded theory. Then, based on the decision goal as the reference point, the realistic reference point reflecting the dynamic goal is set by combining the grey prediction model and the project manager's expected judgment, and the comprehensive prospect value of the project operation and maintenance effect is calculated according to the value function. Finally, a typical green and livable village construction project is selected for empirical analysis. The empirical results show that the project effect evaluation based on the dual-reference point prospect theory can better reflect the actual operation and maintenance situation, and describe the value perception of managers on the project performance, which verifies the effectiveness of the model.