Abstract: Power battery is one of the best carriers for energy storage. Whether it has commercial value or not has become an important factor affecting the development of the energy storage industry. Based on the analysis of the status quo of the development of domestic and foreign energy storage industries,this paper applies system dynamics theory to in-depth analysis of the cost and revenue factors affecting business value from the aspects of generation side,grid side and user side,and ancillary services. Further introduce the environmental income and other indicators under the carbon emission policy,systematically sort out the interrelationships among the various cost/income indicators,and build a system dynamics model that utilizes the energy storage of the power battery. Finally,this paper uses VENSIM software to simulate the commercial value model of energy storage using the power battery of China's first "Golden Sun Project"—"Zhangbei Scenery Storage and Transportation Demonstration Project". The research shows that the use of energy storage for power batteries in a cascade is economical. The increase in commercial value can be considered from the perspectives of battery costs,government subsidies,and peak-to-valley spreads. In the future,as the cost of batteries decreases,the rated capacity increases,the price difference between peaks and valleys,and state subsidies change,the commercial value of the use of power batteries in China's energy storage industry will become more significant.