Abstract: Equipping energy storage on the renewable energy generation side not only enables the smoothing of renewable energy fluctuations and peak-shaving so as to enhance the controllability and integration capacity of renewable energy but also offers various applications, including peak-valley arbitrage. In light of the value exploration of energy storage, this paper first analyzes the benefits that energy storage can obtain from three applications with complementarity and correlation, namely, peak-valley arbitrage, volatility smoothing, and power forecast error compensation. Based on this analysis, an optimal dispatch for wind-photovoltaic-storage system is proposed, which considers the synergistic utilization of multiple application values of energy storage. The objective is to maximize the overall revenue of the wind-photovoltaic-storage system while considering the cost of energy storage losses. The model for coordinated optimal dispatch is linearized to enable energy storage to simultaneously respond to diverse application value requirements. Finally, simulations are conducted on an actual system, and the proposed method is compared with different scheduling strategies. The results demonstrate that the proposed method, by synergistically optimizing multiple application values with complementarity and correlation, can be adopted to not only enhance the utilization and revenue of energy storage but also ensure the longevity of energy storage; moreover, the method exhibits favorable economic feasibility and adaptability in practical applications; the total net profit of energy storage under different energy storage capacity configurations will first increase and then decrease as the capacity increases, and its arbitrage space is limited.