On the premise of taking full account of the Northeast power grids peak regulating demand and the operation of the pumped-storage units， effort is made to optimize Baishan Reservoir dispatching， improve the water level for the Baishan Reservoir to obtain maximal additional generation by the“head”， and realize maximal annual power generation or annual load regulation benefits of the cascade power station. The results show that， for the Baishan Hybrid Storage Station， the conversion efficiency of the maximal power generation model is higher than that of the maximal peak load regulation benefit model， the conversion efficiency of the two models being 90.65%～95.50% and 87.94%～92.58%， respectively， both higher than the efficiency of the simplex pumped-storage power station which shows the advantages of the hybrid pumped-storage power station. Although the work of pumped-storage units has little influence on Hongshi Reservoir with just daily regulating capacity， it aggravates the uneven distribution of runoff of Fengman Station with yearly regulation capacity so that the cascade conversion efficiency is only 75.93%～82.62%. This shows that the efficiency of the hybrid pumped-storage power station in cascade reservoirs and the impact on other hydropower stations are related to the layout and development type.