Abstract: Under the current electricity market mechanism, the capacity value and physical characteristics of energy storage resources are often difficult to reflect, and the long-term profitability is insufficient. In the context of constructing the new power system, incentivizing energy storage resources to participate in the capacity market is conducive to unleashing the capacity value of energy storage resources and ensuring the long-term reliable operation of the power system. Therefore, an analysis of the research and practice of energy storage participating in the capacity market at home and abroad is conducted and the present situation of energy storage resources participating in typical capacity mechanisms is summarized. On this basis, combined with the development of the electricity market in China and the present situation of capacity mechanism construction, the risks and challenges that energy storage may face in participating in China’s capacity market are discussed. Relevant considerations are proposed from the perspectives of market access, technical standards, product design, trading mechanisms, and so forth.