Abstract: With the development of China's power auxiliary service market, in order to stimulate the enthusiasm of various market entities to participate in peak regulation, we put forward a mechanism of active peak regulation optimal scheduling and compensation cost allocation for wind-solar-hydro-thermal-storage and hybrid demand response to fully tap the system peak regulation capacity from both source and load side. Firstly, in accordance with the initiative of peak regulation on the source side, a peak regulation cost compensation and capacity-proportional allocation mechanism is proposed. More renewable energy is absorbed by deep peak regulation of thermal power, and the peak regulation compensation cost is allocated according to the proportion of power generation capacity of each power source. Secondly, in accordance with the demand response resources of the load side, a hybrid demand response model combining incentive-based and price-based is constructed. Then, the peak regulation scheduling model is constructed with the minimum fluctuation of thermal power output, the lowest operating cost of the system, and the minimum abandonment of renewable energy. The nonlinear function is processed by linearization approximation, which effectively solves the non-convex function optimization problem. Finally, the modified IEEE 30-bus system is used for simulation, which shows that the addition of hybrid demand response and deep peak regulation in the proposed model can increase the consumption level of renewable energy by 1.5% and 2.1 %, respectively, and promote the participation enthusiasm of source and load side peak regulation resources.