A reactive power pricing mechanism by use of the multi-object optimization under multi-operation conditions is presented. The proposed algorithm for reactive power makes economy and electric energy quality of power system harmonized， including both minimization of reactive power cost and active power losses and minimization of voltage shifts subject to operation changes. A novel equivalent value tariff for reactive power is built to answer for the peculiarity of reactive power cost， and its price mechanism has features of market justice， emphasizing recovery to reactive power investment and restraining price aiguille. The effectiveness and practicability of the pricing model is justified by the study of IEEE 30-bus system.