Abstract: With the proposal of carbon peaking and carbon neutrality goals and new power system construction requirements, renewable energy will gradually replace traditional power generation resources as the main power source of the power system. Meanwhile, a broad consensus has been reached on expanding the space for renewable energy consumption and optimizing the allocation of resources in a wider range through market transactions. However, from the current to the realization of the carbon neutrality goal, the market mechanism continues to adjust dynamically with the evolution of the power balance characteristic. It is necessary to study the morphological evolution track of the power market with a high proportion of renewable energy in stages. Meanwhile, the evolution needs to be based on the evolution of the physical power system, and to match with the major national strategic facing the power and energy transformation. Therefore, the paper first sorts and analyzes the development policies of the power system and the power market with a high proportion of renewable energy, divides the development stages based on this guidance, and then defines the development requirements of each stage. Secondly, based on the stage division, the morphological evolution track of the physical power system is discussed, and the morphological evolution track of the power market with a high proportion of renewable energy is further discussed, then the main characteristics and research boundaries of each stage are summarized. Finally, the key technologies to serve the development of renewable energy power market with Chinese characteristics are discussed.