Traditional units cannot meet the large increase in peak regulation and frequency modulation requirements of the power grid caused by higher RES penetration rate. This paper presents a combined load optimal distribution model of wind power and thermal power considering deep peak regulation and primary frequency modulation. Firstly, this paper analyzes the deep peak regulation capability, the primary frequency modulation of wind power and thermal power and the relationship between themselves. Secondly, the contribution of wind turbine to primary frequency modulation is analyzed under three operation scenarios, as well as the relationship between its primary frequency modulation reserve and anti-peak shaving characteristics. An optimal load distribution model considering wind-thermal power participation in frequency modulation is established to satisfy the economic optimality, and a robust optimization model is introduced to consider the uncertainty of wind speed and load. In the simulation, 30% and 50% wind power permeability with the same installed capacity is taken as an example to verify the effectiveness of the model. The results show that the load distribution model can relieve the peak regulation pressure of the power system to some extent while ensuring the primary frequency modulation reserve of the power grid.