In recent years, the growth rate of electricity demand has slowed down, resulting in the problem of serious renewable energy abandoning. Thus, the survival problem of thermal power enterprises which transfer generation rights to renewable energy is becoming more and more prominent. So it is imminent to solve this series of contradictions. This paper presents the joint operation mode of wind power and hydropower and thermal power. In order to maximize the alliance benefit, the thermal power transfers the generation rights to the wind power and hydropower, and provides auxiliary services. Then, maximize the individual benefit by reallocating the alliance benefit. It is analyzed and compared in this paper that the economic and environmental benefits of alliance under different modes and the distribution utility of the participants in the joint operation under different allocation strategies. And based on the MDP indicator, the attractiveness of different allocation strategies to participants is analyzed. The results show that wind-hydro-thermal power joint operation can maximize economic and environmental benefits of the alliance and that shapley value is the most reasonable allocation strategy. Wind-hydro-thermal power joint operation can effectively solve the problem of renewable energy abandoning and thermal power management, guarantee the smooth transition of low carbonization of power system, and provide a theoretical basis for the cooperation between thermal power and renewable energy.