It has been 6 years since the energy crisis in California， but its impact on the world’s electricity market reform has never been vanished. This crisis deepened people’s cognition on electricity market， and led a more balance market， with the target of both efficiency and development， the mechanisms of both competition and risk dispersal， the market players of both supply side and demand side， the efficiency gains of both centralized optimization and decentralized decision. In this sense， the energy crisis in California is a milestone and watershed of the history of the world’s electricity market reform.