Abstract: The trading energy of multi-microgrids in the power market helps to improve the consumption of renewable energy. Aiming at improving the enthusiasm of microgrids to participate in the power market, a peer-to-peer transactive energy strategy for multi-microgrids is proposed. Firstly, a multi-leader multi-follower Stackelberg game is adopted to model the multi-microgrid peer-to-peer energy trading process, changing a peer-to-peer energy transaction into a Stackelberg game. The Stackelberg equilibrium is used as the optimal trading strategy to realize the optimal operation of the multi-microgrid. Secondly, a Stackelberg equilibrium solution based on the consensus algorithm (SECA) is proposed to effectively address the privacy concerns of the microgrids. The microgrid can obtain the Stackelberg equilibrium of the Stackelberg model by exchanging information with an adjacent microgrid. Numerical results for a 4- microgrid system show the effectiveness of the proposed Stackelberg price model and the excellence of the SECA.