Abstract: With the proposal of “carbon peak and carbon neutrality”, building a new power system with new energy as the main body has become the top priority for China to build a new development pattern and comprehensively help the energy revolution. This paper analyzes the current situation and challenges of energy and power in China, clarifies the overall thinking of China’s energy transformation, compares the conceptual cognition of new power system and analyzes its development and implementation status. Then, connotation of the new electric power system is further interpreted and elaborated from the perspective of entire system operation. Characteristics of the new electric power system, “multi-source complementarity, supply-grid coordination, supply-demand interaction, flexible and intelligent operation”, are proposed.Definition, technical and engineering application status, development prospects and trends of six key technologies are discussed in depth. The above analysis and prospect can provide novel interpretation and useful guidance for the construction of new electric power system.