Abstract: To regulate and control the electricity consumption in smart power grid during peak-valley load period and improve the benefit of electricity consumers, a game theory-based method for controlling and regulating load was proposed. Taking the consumer side and the gird side as game-agents the load model, the load side benefit model and the grid side benefit model were constructed respectively. Based on game mechanism an electricity price regulation strategy was designed, and the earning of the two game sides was adjusted by multi-round dynamic regulation to coordinate the unbalanced relation between consumer side and grid side. Under the double restraints of load and electricity price, by means of CPLEX solver the earning of the consumer and the load regulation results of the grid were computed. Results of computing example show that under the condition of same data and comparing with the improved particle swarm optimization, by use of the proposed regulation method the expenditure at load side was reduced 0.95% and that at the grid side was reduced 6.14%. It is verified that using the proposed method not only the optimal benefit of user side can be ensured but also the load during peak-valley period can be effectively regulated and controlled.