To balance the risk and benefit among reservoirs within a basin, enhance the enthusiasm of individual reservoir to participate in joint reservoir group scheduling, and maintain the stability of the reservoir group’s operation, a reservoir group power generation optimization scheduling model was established based on GAMS software. The compensation benefits for each reservoir were determined. The entropy weight method was employed to calculate the importance of each reservoir based on characteristic parameter values of reservoirs. Aggregation dimensionality reduction thought was used to improve the Shapley value method in cooperative game theory, and the risk index system was established to evaluate the beneficial scheduling risks of reservoirs. A risk compensation method for reservoir groups based on scheduling risk correction benefit allocation scheme has been proposed, thereby achieving a balance of risk and benefit for reservoir groups under different operation scheduling schemes and power generation disruption situations. Taking 12 control reservoirs on 6 main and tributary rivers of the upper reaches of the Yangtze River as an example, the results show that this risk compensation method not only considers the individual characteristics of the reservoirs and the contribution of scheduling benefits, but also takes into account the scheduling risks of the reservoirs, achieving a rational allocation of compensation benefits for the reservoir group.