Abstract: The determination of the maintenance fees for warship equipment involves many factors and huge uncertainty. To confirm the life cycle cost of warship equipment more exactly, the forecast combination method is applied in this paper to establish the forecast model for warships, which ensures efficient use of equipment funding. As there is a linear correlation among different individual models, the forecast combination model based on Euclidean distance may be poor in performance. Therefore, Mahalanobis distance is proposed as a substitution. Results show that the proposed method, compared with the forecast combination based on Euclidean distance and individual forecast models, is less risky and more reliable.