It is well known that the safety concerns surrounding lithium-ion batteries (LIBs), such as fire and explosion, are currently a bottleneck problem for the large-scale usage of energy storage power stations. The study of water-based fire-extinguishing agents used for LIBs is a promising direction. How to choose a suitable water-based fire-extinguishing agent is a significant scientific problem. In this study, a comprehensive evaluation model, including four primary indexes and eleven secondary indexes was established, which was used in the scenario of an electrochemical energy storage power station. The model is only suitable for assessing water-based fire extinguishing for suppressing lithium iron phosphate battery fire. Based on the comprehensive evaluation index system and extinguishing experiment data, the analytic hierarchy process (AHP) combined with fuzzy TOPSIS was used to evaluate the performances of the three kinds of water-based fire-extinguishing agents. According to the results of the fuzzy binary contrast method, the three kinds of fire-extinguishing agents could be ranked as follows: YS1000 > F-500 additive > pure water. The study provided a method for choosing and preparing a suitable fire-extinguishing agent for lithium iron phosphate batteries.