Abstract: To utilize the value of distributed energy storage on the power market and in dispatching applications, this paper proposes a multi-objective double-layer dynamic electricity pricing model considering load demand response for user-side distributed energy storage. The upper layer considers the objectives of minimizing the operational cost and average load fluctuation rate of regional distribution network agents, while the lower layer considers the load demand response of energy storage merchants, with the objective of minimizing the operational cost of each user-side energy storage aggregator. In addition, an improved inferiority distance method is used to perform multi-attribute decision-making on the Pareto optimal solution set obtained from the model, in order to avoid the subjectivity of the traditional inferiority distance method. Finally, the optimal internal electricity price and charging and discharging plan are determined. Case studies show that this strategy can reduce the operating cost of energy storage aggregators, improve the revenue and reliability of regional distribution network operators, and also be benefit to smooth load curves.