Abstract: Since the early 1990 s, the US electricity markets have gradually developed into stable and active ones. This paper summarizes the characteristics of the US electricity market reform in such aspects as market structure, market rules, market operation, market supervision, power grid and source planning and others, analyzes the challenges facing the US electricity market reform in terms of grid operation security, market operation technology and power company operation. And four recommendations are proposed for the construction of China's electricity markets.