With　the　sustainable　growth　in　the　integration　of　distributed　generation　units　in　the　distribution　network,　the　probability　of　the　fault　current　level　exceeding　the　rating　of　existing　components　increases.　Cascaded　H　bridge　fault　current　limiter　is　widely　used　in　the　power　grid　due　to　its　advantage　in　inhibiting　surge　current　flexibly.　In　order　to　equilibrate　the　objective　functions　of　its　cost,　fault　current　mitigation　effect,　and　the　weighted　load　reliability　index,　a　novel　methodology　is　proposed　to　simultaneously　optimize　the　location　and　size　of　the　limiters　in　the　distribution　network.　Therein,　the　sensitivity　factor　considering　the　Monte　Carlo　fault　simulation　model　is　introduced　to　reduce　the　search　space　and　rank　candidate　locations　referencing　the　actual　conditions.　And　then,　according　to　the　candidate　locations　and　considering　different　conflicting　objective　functions,　a　multi-objective　improved　bat　algorithm　is　employed　to　obtain　the　Pareto　optimal　solution　set.　Also,　life　cycle　cost　and　net　present　value　are　introduced　to　construct　an　economic　model　to　access　the　scheme　costs　and　service　life.　The　proposed　approach　is　verified　using　the　modified　IEEE　33-bus　distribution　systems　with　DGs　and　IEEE　30-bus　Benchmark　system.　The　results　demonstrate　that　the　proposed　method　exhibits　higher　efficiency　in　finding　optimum　solutions　and　provides　a　new　economic　configuration　idea　for　the　practical　engineering　application.