Abstract: To optimize the operation strategy of combined heat and power unit under different deep peak regulation conditions and electricity price periods, methods such as mathematical modelling, deep coupling, and intelligent optimization were adopted for research. The study found that during single unit operation, when the peak regulation assessment price is higher, the heat-supply amount can be appropriately increased, so as to balance profits and avoid negative profit situations at certain nodes. Profits vary significantly under different peak regulation periods: the profit of low load operation is prior to that of high load operation during heat-supply period, while the priority dispatch of power generation can obtain higher profits during non heat-supply period. Further researches were conducted on load distribution based on single unit research. Results reveal that, the coal consumption rate of double units operation is higher than that of single unit operation under same operation conditions. However, due to the support from peak regulation compensation policies, the profit of double units operation is much higher than that of single unit operation. Researches on the coupling of electricity price policies show that, the profit can be significantly increased with the high load operation of the unit during peak electricity price period, while the unit should be avoided to operate near peak regulation load nodes during valley electricity price period, so as to prevent serious losses. Research findings can provide a scientific basis for optimizing the dispatch of combined heat and power units.