In this paper, we propose on objective evaluation model of telephone transmission qulity in order to estimate a satisfaction score regarding speech quality in a relephone network. As the degradantion factors of telephone transmission quality, this model takes into account transmission loss, noise, distortion, talker echo and sidetone. A performance index[PI] is introduced for five psychological factors affecting telephone speech qualty, and a Mean Opinion Score(MOS) is estimated from the sum of all Pis. The simulation results indicate theat the MOS obtained from the objective evaluation model is in good agreement with that of subjective evaluation.