The development level of industrialization, informationization, urbanization and agricultural modernization (New Four Modernizations) is an important indicator for evaluation of regional economic development. In this paper, an indicator system was designed for evaluation of the development level of New Four Modernizations according to the interaction mechanism between them. It introduced the data related to New Four Modernizations of 14 cities in Hunan Province during 2004 and 2012, and made a comprehensive analysis of the development level of New Four Modernizations in these cities by entropy - gray relational method. It found that the development level of New Four Modernizations in 14 cities in Hunan Province was extremely uneven, and the stronger would become stronger, while the weaker would become weaker, like Matthew Effect. Thus, it is required to straighten out the development idea, carry out reform and innovation in the mechanism construction, urban-rural integration, interaction and integration, and regional coordination, to promote simultaneous development of New Four Modernizations.