The development of wind power (WP) is the important aspect of promoting energy transition of our country; however, because of the intermittent fluctuation of WP, the phenomenon of abandoning WP is very severe. The construction of pumped storage power station is one of the most important measures to solve the problem of WP taken by the State Grid. The overall efficiency evaluation of the combination of WP and pumped storage power station is necessary to solve the problem. By the end of 2016, the NEA issued the ‘13th five-year work plan for controlling greenhouse gas emissions requirements,’ which starts carbon emission trading in 2016 to reduce carbon emissions. The reduction of carbon emission is not only conducive to environmental protection but also beneficial to increasing economic benefits. This study analyses eight aspects of economic efficiency and low carbon benefits of the impact on the combined system, including the WP and pumped hydro storage system (PHS) construction, operation and maintenance, system back-up cost, WP acceptance cost, generation benefit, spare admission generation benefit, peak-load following benefit and network loss improvement benefit, and then optimise the operation mode of WP–PHS with the maximum comprehensive economic benefit as the goal. Taken low carbon trading regulations as the basis, the study comes up with the establishment of a comprehensive economic benefit model in the carbon emission trading mechanism with comprehensive economic benefits of the combined system. The overall test system is quantified through calculation, which proves the validity of the evaluation method.