The static and dynamic effects and benefits of pumped storage bring significant economic benefits to the grid, the power source and the consumers, but under the current financial system, the key issue remains how to calculate its economic benefits and convert them into financial revenues for recovery. By analyzing the operation and income status of pumped storage power station, based on the characteristics and value realization path of pumped storage power station, this paper takes benefit (cost) allocation as a breakthrough to clarify the beneficiary subject and benefit degree (or cost proportion), and analyzes the stakeholders and price game of pumped storage power station. The electricity price mechanism of pumped storage power stations is discussed in terms of market on-grid electricity price, pumped electricity price and auxiliary service price. The method system established in this paper not only has independent sub-functions, but also has the integrity of coupling and integration. By measuring the impact on different interest groups, it can scientifically quantify the gains, losses and compensation of different interest groups, in order to choose the best business model. This paper provides a basis for reaching a consensus on the business model among all parties, and its application prospects include pumped storage planning decision-making, operation scheduling, business model, economic evaluation and so on.