The indices (correlation coefficient > 0.51), which are related to the Chang-Zhu-Tan section of the Xiangjiang River, were selected by using the analytic hierarchy process. The weight values of these indices were given according to their importance. The water resource development potential of the Chang-Zhu-Tan section of the Xiangjiang River was calculated by establishing Gray beam function and Grey matrix. The results have shown that the water resource development potential can be evaluated with the Multi-level Grey theory. The water resource development potential in the Chang-Zhu-Tan Urban Agglomeration is 2.983, which belongs to the second-highest range [2.500, 3.250]. This indicates that the water resources of the Chang-Zhu-Tan section of the Xiangjiang River are higher within a certain time range.