Abstract: Pumped storage units are the most mature energy storage technology with the largest power and energy capacity in the current power system.With its flexibility,large capacity,and low construction and operation costs,it is playing an increasingly important role in power systems with high penetration of renewable energy sources. However,the operation of pumped storage power stations mainly focuses on peak load shifting and reserve to obtain revenue,and a single and low return cann’t reflect the economic and technical value of pumped storage power stations.In this study,the economic evaluation model,including peak load shifting,frequency regulation,reserve,capacity market,and black start,was built for pumped storage with diversified technical services considering the market environments.Aiming at maximizing the economic income of pumped storage power stations,a multi-variety economic value analysis model of pumped storage power stations participating in energy market,frequency regulation market and reserve market was established.Combined with the compensation policies of black start service and capacity market,a diversified economic valuation method for pumped storage was also proposed.Through example analysis under different scenarios,the revenue of pumped storage power plants under different price fluctuation levels were calculated and discussed,and the feasibility of the proposed diversified economic evaluation for pumped storage power stations was also verified.