The objective of this study is to analyze the investment adequacy of the projects implemented according to the master plan on sewerage rehabilitation at Seoul. The planned and actually implemented ratio of invested money on sewage treatment plants (STPs) to sewers were compared in two temporal periods. Though the planned ratio of investment on STPs to sewers was 50:50 (in 2009-2020) , the actual implemented ratio in 2009-2013 was 34:66. Until 2020, the greater investment ratio on STPs to sewers should be made considering the necessity of coping with stricter legal compliance on advanced treatment, stormwater treatment and so on. The priority of the planned and partially implemented projects among four STPs and at each STP was evaluated. Considering only the performance indicator of reduced load of BOD, T-N, T-P per the capacity of each STP facility, the performance among four STPs was shown as Jung-Rang>Tan-Cheon>Seo-Nam>Nan-Ji. The reverse order of the performance results in the past may be considered for future investment priority, but the efficiency of operation implemented at each STP, deteriorated status of each STP, investment in the past and so forth should also be considered. As for the priority of projects conducted within each STP, projects related to legal compliance (such as advanced tertiary treatment, stormwater treatment, etc.) have highest priority. Odor-related project and inhabitant-friendly facility related projects (such as building park on STPs, etc.) has lower priority than water quality related projects but interactivity with end-users of sewerage should also be important.