Abstract: As an important part of the energy internet, the energy production and consumption under the framework of urban integrated energy system tend to be market-oriented. The participants satisfying certain conditions can participate in various forms of energy production, marketing, or consumption. First of all, this paper analyzes the forms of participation of all stakeholders in urban integrated energy system, and constructs several typical operation plans of urban integrated energy system. Then, based on the cost and the price of the existing energy, the value flow model of the urban integrated energy system is set up under the typical scene. The cost-benefit analysis of each stakeholder in typical operation mode is compared and analyzed, which provides reference for each participant in the investment strategies and profit model of urban energy internet.