In view of the electricity market， a comprehensive multi-objective reserve bidding model is developed considering the factors of economics， reliability and emissions. To describe the supply reliability associated with reserves， the expected reserve deficiency is defined. They can be used to distinguish the capability of a generator and that of an interruptible load in providing the reserve service. On this basis， a two-stage algorithm is presented to solve the multi-objective bidding model. Firstly， the improved multi-objective particle swarm optimization algorithm is employed to find the Pareto solutions of the multi-objective bidding model which minimizes the reserve capacity cost， the expected reserve deficiency and the emissions separately. Then， the entropy weight decision-making method is used to evaluate the Pareto solutions， and obtains the optimal reserve allocations among the bidders. Finally， an example of the electricity market with 12 bidders including generators and interruptible loads is employed to illustrate the essential feature of the developed model and its efficiency.