In general, group decision making (GDM) under a multiple criteria environment involves multi-criteria, multi-stakeholders and a finite number of alternatives, which can be interpreted as a multi-criteria group decision making. In this paper, a multi-criteria group decision making model, based on grey relational analysis, is proposed for credit risk analysis. This model can not only deal with the problems involved multi-criteria, multi-stakeholders and a finite number of alternatives, but also reduce individual subjective preference to improve the level of overall satisfaction. In this model, firstly, TOPSIS method is applied for credit risk analysis on four public-listed companies, and the attribute weights are determined by AHP. Then, experts’ opinion is integrated on the basis of post-expert information. Finally, grey relational analysis (GRA) method is introduced to gather different experts’ opinion to extend the aggregation method for GDM. The empirical results demonstrate and verify that our proposed model for credit risk analysis is feasible and effective, which can be used to support credit risk management and guide business strategy adjustments.