With the growing global demand for clean energy, new energy power generation enterprises are facing new opportunities and challenges. This paper explores the diversified business model of new energy power generation enterprises. Firstly, the theoretical basis of the business model of new energy power generation enterprises is analyzed, including the characteristics and income sources of single and multiple industrial chain models. The advantages and applications of different business models are analyzed through the study of cases at home and abroad, such as the European aggregated generation side resource model, the United States focused on controllable load demand response model, and the domestic cases of Shanghai and Shenzhen virtual power plant projects and distributed photovoltaic power generation. Then it puts forward the diversified business model innovation strategy of new energy power generation enterprises, covering the innovation of comprehensive energy services, the development of power side energy storage business, and the expansion of key businesses and profit models. Finally, the research conclusions are summarized and the future research directions are prospected. In short, the exploration of diversified business models of new energy power generation enterprises is of great significance to promote the development of clean energy and improve the competitiveness of enterprises.