Abstract: To cope with the problem that the share of grid-connected wind farms is occupied by thermal power plants participating the direct electricity purchasing transaction, a new transaction mode for large consumer direct electricity purchasing, in which the wind-thermal combined generation participates, was proposed. Firstly, under the background of renewables portfolio standards (RPS), the game relationship of the wind-thermal combined generation and large consumer in direct power purchase was analyzed. Then based on the dynamic non cooperative game theory, the game model was established with the goal of maximizing the benefit of each participant, and the existence of Nash equilibrium was proved. In addition, based on Nash negotiation method and considering the power generation cost, risk cost and satisfaction of the wind farm and the thermal power plant, a reasonable revenue distribution method was formulated and verified by specific example under the operation strategy. Finally, the practicability of the model was verified by an example. The results show that the direct purchasing transaction with the participation of wind-thermal combined generation is beneficial to increase the direct purchasing revenues of all participants, promote the wind power accommodation and improve the flexibility of power grid, and provides a new way to optimize the power market model with large-scale wind power system.