Abstract: This study proposes a collaborative optimization idea of source and load sides by combining multiple response mechanisms to fully tap the ability of two-way interaction between supply and demand sides to stabilize the difference between source and load in the microgrid. This idea is based on the complementary relationship between the advantages and disadvantages of price response and incentive/compensation response. Firstly, an upper and lower bi-level optimization model of demand-side response is constructed at the load end of the inner layer. The upper layer divides the peak and valley periods according to the net load curve and optimizes the time-of-use (TOU) tariff with the objective of minimizing the sum of the absolute value of the net load in each period of the microgrid. The lower layer optimizes the incentive/compensation coefficient with the satisfaction indexes consisting of electricity comfort and economy, which takes into account the enthusiasm of the flexible load to participate in dispatching. Secondly, a source-end capacity optimization model considering economy and reliability is built in the outer layer. Finally, the optimization models of both the source and load are coupled through the multi-layer embedded mechanism, and a solution model is constructed, which combines the multi-objective particle swarm optimization (MOPSO) algorithm and the particle swarm optimization–imperial competition algorithm (PSO-ICA). Simulations show that the proposed method can improve the economy and reliability of the microgrid on the basis of meeting the needs of users due to the advantages of the demand-side comprehensive response mechanism and solution model structure.