With the development of novel power system that taking new energy as the main body, it is inevitable for new energy to participate in the electricity market on a large scale. Under the background of new energy participating in the market, how the risk characteristics of power market change and how to prevent the risk after the change have become important issues affecting the stable operation of electricity market and the high proportion of new energy consumption. According to the characteristics of the novel power system, aiming at the electricity market with new energy as the main body, this paper carries out the analysis of market power risk characteristics and identification technology research. The risk characteristics of electricity market power under the background of novel power system are analyzed. The market power risk identification technology of novel power system is proposed. The feasibility of the market power risk identification method and technology adapting to the novel power system is verified by an example.