AbstractThe construction and operation of large‐scale reservoirs alter the natural river flow regimes and destroy the original suitable reproduction and living conditions of aquatic organisms. Especially during the spawning season, the fluctuating water flow process is particularly important for fish reproduction. A bi‐objective optimization model considering both the environmental flow demand for fish spawning and the stability of hydropower output is established in this study and solved by one of the most widely used algorithms for multi‐objective problems, the Non‐Dominated Sorted Genetic Algorithm‐II. The derived Pareto Front can be used to guide reservoir operation during fish spawning seasons. The model proposed in this paper is applied to the Yangqu Reservoir, currently under construction on the upper Yellow River in China. The results show that the stability of hydropower output can still be improved by 4.80% to 10.56%, even if the environmental flow demand is taken into account. Even for the scheme preferring ecological recovery, the stability of hydropower output can be increased by more than 0.85%.