Abstract: With the development of microgrids on the side of the distribution network, how to meet the transaction demands of the microgrids while ensuring the distribution network flow constraints is a key issue. This paper proposes a centralized energy trading framework in which the distribution network sets electricity prices and the microgrids respond to the pricing strategy. First, a transaction model is established which considers the benefits and constraints of the distribution network and the microgrids respectively. Then, a master-slave game model is built based on the master-slave relationship embodied in the transaction between the distribution network and the microgrids. Finally, a bilevel iterative optimization method is used to solve the problem. In order to ensure the feasibility of the distribution network power flow calculation in the iterative solution process, the second order conic relaxation method and the relaxation variables are introduced to deal with the distribution network model. The IEEE 33 calculation example shows that compared with the grid electricity price, the pricing strategy proposed in this paper can meet the distribution network power flow constraints, reduce the network losses, and increase the distribution network transaction revenue and the operating benefits of each microgrid.