Abstract: Aiming at the existing problems of high cost, low utilization rate and scattered layout of user-side distributed energy storage (DES), this paper proposed a two-layer DES cooperative sharing strategy to improve the utilization rate and economy of DES through time division multiplexing. Firstly, a two-layer DES peer-to-peer (P2P) sharing transaction mode was described with the community as the upper unit and the user as the lower unit. Secondly, the cooperative sharing problem of DES was decomposed into capacity trading sub-problem and cost sharing sub-problem. Then, the alternating direction method of multipliers (ADMM) algorithm was used to build a two-layer capacity trading model. The upper layer focuses on the optimization of DES sharing among communities, while the lower layer aims at the optimization of DES sharing among users within communities. On this basis, a two-stage cost allocation strategy based on the improved Owen value method was further designed. In the first stage, Shapley value method was used for cost allocation among communities. In the second stage, cost reallocation within communities was completed through bilateral Shapley value method. This strategy can be used to solve the dimension disaster and privacy protection problems caused by a wide range of users and to balance the income of all users. Finally, the feasibility and superiority of the proposed sharing mode and the fairness of the allocation strategy have been verified by a simulation example.