Abstract: Under the carbon peaking and carbon neutrality goals, the green electricity market and green certificate market play crucial roles in accelerating the construction of a clean, low-carbon new power system. Currently, China is in the early stages of building the green electricity market and green certificate market. Due to imperfect market mechanisms and poor connectivity with other markets, the green electricity market and green certificate market have not been able to fully play their roles in promoting the development of new energy. To this end, this paper focuses on the basic connotations, market mechanisms and policy recommendations of green power and green certificates under the new power system. First, the connotation and significance of green power and green certificates are analyzed, and the construction mechanism and development status of the typical domestic and foreign green electricity market and green certificate market are summarized. Secondly, considering the coupling of the green electricity market and green certificate market with the electricity market and carbon market, the interaction mechanism between multiple markets is sorted out. Finally, in view of the difficulties faced in the construction of China's green electricity market and green certificate market, this paper provides suggestions for the development of green power and green certificate markets, with a view to providing a reference for improving China's green electricity and green certificate trading mechanisms, which is of great significance for promoting the healthy and orderly development of new energy and the low-carbon transformation of the energy field.