At present, China’s power load development is facing a new situation in which policies such as the new economic norm, industrial structure adjustment, energy conservation and emission reduction, etc. are being deeply promoted, load growth in some areas begin to ease, and volatility of load gradually become prominent, which increases the difficulty of medium and long-term load forecasting. In this context, in view of multi-correlation, uncertainty of influence of policy factors on power load, in order to improve the accuracy of load forecasting under the influence of policy factors, and solve the problem that policy factors are ambiguous, difficult to be quantified, and difficult to be integrated into load forecasting model, a medium and long-term load forecasting model considering policy factors is proposed. First, by analyzing the influence of various policies on power load, a hierarchical policy influencing factor index system that combines macro and micro levels is constructed to systematically reflect the influence of economy and policies on load under the new situation. Then, in view of the traditional grey relational analysis model’s insufficient consideration of the difference of historical data and future power development situation, by respectively weighting historical periods and factor indexes, a quantification analysis model of power load influencing factors based on two-way weighted grey relational analysis is proposed to quantify the influence of various policy factors on power load, achieve the combination of subjective weighting and objective weighting,and obtain quantification weights. Finally, the weighted fuzzy cluster analysis method combined with weights is used to predict load under the influence of policy factors. The proposed model can better solve the difficulty of medium and long-term load forecasting caused by the volatility of load under the influence of policy factors, and is suitable for medium and long-term load forecasting under the background of policy changes. The analysis of calculation examples shows that compared with traditional grey relational analysis model, the quantification results of proposed methods are more realistic, compared with traditional prediction methods such as time series extrapolation and elasticity coefficient, proposed method has better prediction accuracy and engineering application value.