With the in-depth advancement of the power market reform, China's wind power projects will deeply participate in power market transactions, and the existing lifecycle cost management strategies such as wind power investment and operation will face relatively large changes. Aiming at the cost analysis of wind power projects in the electricity market environment, this paper establishes a sensitivity analysis model of the factors affecting wind power cost based on the improved levelized cost of electricity model. The model can determine and compare the degree of influence and effect of various factors on the cost of wind power projects, so that it can formulate cost control strategies, and realize the auxiliary decision-making of wind power project investment.