This paper presents a methodology for modeling, analyzing, and selecting suitable high voltage substation configurations based on different criteria, such as reliability, cost of interruption, initial investments and land cost, operation and maintenance costs. These criteria are combined in Life Cycle Costs (LCC) with associated interest rates and substation life cycle period. The basic factors considered for substation configuration selection are voltage level, life cycle cost, reliability, environmental considerations, site space limitations, and transmission line right of way requirements. Substation must be reliable, economical, safe, and as simple in design as possible. The layout is significant as it influences the operation, maintenance, cost and protection of the substation. These aspects are considered while designing the substation layout. In this thesis, the one and half breaker, Main and transfer bus and Double bus double breaker substation configurations are compared to each other based on reliability and life cycle cost. According to the DIgSILENT simulation result, the System Average Interruption Frequency Index (SAIFI) values of one and half, double bus single breaker and main and transfer bus types as 16.818, 22.81and 24.818 interruption customer.yr and the System Average Interruption Duration Index (SAIDI) values obtained as 168.18, 171.182 and 248.18 hr customer.yr respectively. Similarly from the Life cycle cost result of the substation configurations that considers investment cost for the substation, operation and maintenance cost, interruption and land cost, a breaker and half bus bar type costs 17,532,315.98 USD. And the cost for double bus single breaker and Main & transfer bus system are increased from a breaker and half bus type by 3.95% and 5.1% respectively. The Comparison of designs, standard safety, and performance matrices were developed and sample values were collected from Legetafo substation. The substation configurations are simulated in DIgSILENT software and compared the performances.