In order to evaluate the emergency evacuation capacity of subway stations, the data collected were analyzed based on grounded theory, and an evaluation model of emergency evacuation capacity was constructed by combining the analytic hierarchy process (AHP). Finally, 12 secondary indicators (categories) and 4 primary indicators (main categories) were obtained, among which the primary indicators were management factors, emergency response, construction factors and personnel factors. From the weight value calculated by analytic hierarchy process, we can see that management factors and emergency response have great influence on the emergency evacuation capacity of subway stations. Therefore, we should focus on management factors and emergency response to improve the emergency evacuation capacity of subway stations.