Existing models to evaluate the performance of multi-period diversification portfolio are mainly based on the actual returns of portfolios at each period，so that the dynamic characteristics of portfolios cannot be reflected． Since the links of portfolios at different periods are mainly reflected during the dynamic wealth process，thus multi-period evaluation models should be constructed according to the dynamic wealth process to reflect the actual investment． In this paper，the definition of multi-period portfolio efficiency is proposed based on the distance between the portfolio and its projection on the efficient frontier． Under the mean-variance framework，and considering the dynamic wealth process，models are developed to evaluate the performance of the fully linked multi-period diversification portfolios with different orientations． Also，the analytic expression of multi-period portfolio efficiency is given by using the dynamic programming approach． The numerical simu-lations show that the models are better and there exist significant differences between the traditional multi-peri-od diversification models and the proposed models．