Abstract: In order to realize the "dual-carbon" goals, China's new energy installed capacity has grown rapidly, and it is imperative to build a new power system with new energy as the main body. The large-scale integration of new energy into the grid in the new power system has higher requirements for flexible resources. As a mature energy storage, pumped storage station plays an important role in solving the load fluctuation of new power system with new energy as the main body, and can cope with the challenges of both sides of source load at the same time. However, the lack of clarity of the cost recovery mechanism of the pumped storage station is an obstacle to its development mode. Based on the value attributes of the pumped storage station in different market environments, this paper puts forward suggestions on the cost recovery mechanism of the pumped storage station to promote the sustainable development of China's pumped storage industry and to meet the needs of the new power system construction.