Aiming at the problem of selection the best maintenance strategy of equipment, firstly, the paper puts forward six equipment operation and maintenance objectives, and the architecture diagram and modeling algorithm flow chart of the intelligent weighted gray target decision model for the selection of two-stage equipment operation and maintenance strategy are proposed. Then Delphi survey method and analytic hierarchy process(AHP) are used to determine the weight of different objectives. Combined with the actual data of equipment operation in a semiconductor panel manufacturing enterprise, the corresponding effect measurement functions are used to calculate the consistent effect measurement matrix and comprehensive effect measurement matrix under different states for benefit objectives, cost objectives and moderate objectives. Using the multi-objective weighted intelligent grey target decision-making model, the optimal maintenance strategy under the production state of the equipment is obtained. The proposed method has practical guiding significance for correctly selecting the maintenance strategy of semiconductor panel equipment, improving the equipment operation and maintenance efficiency and reducing the maintenance cost.