Abstract: Aiming at the problems of source and load fluctuations and poor matching of microgrid and the uncertainty of spot market electricity price, we comprehensively took into account the respective advantages of electricity price and incentive demand response, and proposed an optimized operation model and its solution method for microgrid operator considering the difference in user demand response elasticity under the spot market. In the day-ahead stage, a price-based demand response model which considers the load-differentiated electricity price elasticity matrix was established. In the real-time stage, a Stackelberg game model that conforms to the interests of microgrid operators and users was constructed, and an improved particle swarm algorithm was used to solve the problem. In addition, based on the characteristics of different users' load response elasticity at the same time period, the concept of incentive factors was introduced into incentive-based demand response for the first time, so that users who actively respond can enjoy higher incentive prices. The simulation results show that the proposed model enhances the effect of peak shaving and valley filling, the poor matching of source and load has also been improved to some extent, and microgrid operators and users can obtain additional economic benefits from it. Meanwhile, the adoption of the proposed dynamic incentive price, while ensuring fairness, may further improve the total social benefits of microgrid operators and users.