In the context of global warming and the energy crisis, a large amount of energy consumed by the construction industry has a negative impact on climate change. Green retrofitting for older multi-story houses can significantly reduce energy consumption and pollutant gas emissions. However, a comprehensive evaluation method is needed to select suitable retrofitting methods. This paper established a green renovation evaluation system, including five dimensions from the green concept, and 16 evaluation indexes. Making an old multi-story house in Shenyang the research object, 16 transformation plans were generated through orthogonal experiments. The total weights of each index were derived through entropy weighting and expert scoring, and then the best retrofit solution was selected using the improved TOPSIS method. The best retrofit solution was evaluated to reduce energy consumption by 3016.4 kWh/m2 and pollutant gas emissions by 3934.3 tons over the remaining 35 years of its life cycle while generating an economic benefit of approximately 1.58 million yuan. These study results show that the retrofitting of external walls significantly affects the building’s energy consumption; exterior windows present the most negligible impact. The photovoltaic facilities provide significant energy savings.