To constuct the stochastic model for performance evaluation of Multi-AGV, two aspects must be considered. The first is stochastic situation for moving jobs. The second is the dispatching rule of AGV. In this paper, the stochastic model for performance evaluation of Multi-AGV is developed. The case of stochastic model with two AGV is developed. But it difficult to solve in the case of stochastic model with more than three AGV because the model have three-ordered equations. The evaluation factor of the model is utilization and empty travel time of AGV. Using these factors, one can easily evaluate a wide range of handling and layout alternatives from given flow data. Hence, the model would be most effective when used in the early stage of designing to narrow down the number of alternative prior to simuation.