Abstract: Energy storage can effectively handle the problems brought by high penetration of renewable energy, including lack of the peak shaving capability and difficulty in frequency stability. In the context of market deregulation, it is of great significance to establish a sophisticated market mechanism with integration of energy storages, in order to stimulate energy storage development.Different from the traditional generation side or load side resources, energy storages have special physical characteristics such as limited energy and rapid response, so their market participation mechanisms should also bear particularities. To this end, this paper firstly reviews the domestic and foreign research on value analysis, framework designation and transaction mechanism for the participation of energy storage in electricity market. Furthermore, this paper introduces the practices in the United States, United Kingdom and Australia. Typically, under the guidance of the U. S. Federal Energy Regulatory Commission Order 841, the Independent System Operators（ISOs） explore market mechanisms in the energy market, ancillary services market, capacity market and transmission assets to accommodate physical characteristics of energy storages. On this basis, this paper further summarizes common problems in the participation of energy storage in electricity market. According to the status quo and challenges in the construction of Chinese electricity markets, suggestions are proposed on promoting the participation of energy storage in electricity market.