Abstract: With the continuous development and improvement of Chinese electricity market, pumped storage power plants will face complex price mechanisms and transaction risks when participating in the electricity spot market. In order to protect the revenue of pumped storage power station, an optimization model of pumped storage bidding strategy considering the risks of the electricity spot market is proposed. Firstly, the price mechanism and transaction risk of pumped storage in electricity market are studied. Secondly, based on the conditional risk value, the risk of participating in the electricity spot market is quantified, and the risk-return matching mechanism is established. Based on electricity price prediction clustering to generate typical electricity price scenarios, a bidding strategy for pumped storage power stations to participate in spot-auxiliary service collaborative market considering risk factors is proposed. Finally, the influence of different risk preference levels and electricity price scenarios on the revenue of pumped storage power station is analyzed with examples. The results of the example show that the bidding strategy can stabilize the income fluctuation in different market scenarios and effectively avoid the risk of market price fluctuation. It can provide decision support for the pumped storage power station to participate in the bidding and capacity allocation strategy of the electric energy and auxiliary service market, and make the power station income more stable.