Abstract: AC/DC hybrid microgrid is a kind of promising microgrid, the optimal operation of which is an important research topic in the field. This paper established an optimal operation model by taking the economic and environmental protection of AC/DC hybrid microgrid and load translation into account. In this constructed source-Load-storage coordination bilevel programming model, the load translation and energy storage strategy were considered as the load transfer strategy, which was used as the upper level decision variables and the upper level objective function maximizes the transfer benefits concerning user’s benefit loss; The optimized operation strategy was used as the lower level decision variables and the lower objective function minimizes the optimal operating cost of AC area and DC area. To solve the model, chaos particle swarm optimization algorithm combined with Yalmip optimization software was selected. A numerical examples was given to verify that the proposed method can improve and coordinate microgrid’s revenue and users’ benefits, meanwhile is more suitable for the practical operation of AC/DC hybrid microgrid.