Abstract: To fully leverage the electricity-carbon flexibility aggregation effect of virtual power plants (VPP) and promote the low-carbon efficiency of VPP, an operation strategy for VPP participating in the electricity carbon market considering the national Chinese certified emission reduction (CCER) mechanism is proposed. In addition, a master-slave game transaction decision model and a VPP benefit distribution model between the electricity carbon market and VPP are constructed. In the master-slave game model, the clearing model of the electricity and carbon market serves as the upper-level leader. This allocation meets the market demand according to the electricity carbon bidding strategy of each market entity, thereby minimizing the total cost of the market. The lower layer is the follower VPP electricity carbon market bidding decision-making model, which considers the CCER mechanism and formulates the bidding strategy of the electricity carbon market, aiming to maximize its comprehensive benefits of market operation. A VPP benefit distribution model based on the Owen value method is developed to achieve a fair distribution of the benefits of each entity within VPP. Through a comparative analysis of typical case studies, the results indicate that the proposed method can effectively motivate the low-carbon and efficient operation of VPP and realize the fair distribution of the benefits of multiple VPP entities, which is conducive to promoting the consumption of new energy and the low-carbon transformation of the power system.