For islanded microgrids, traditional droop-based control leads to frequency deviation and low economic efficiency. To resolve this issue, a novel event-triggered optimal active power control strategy, which achieves frequency regulation and economic operation in a fully distributed way, is proposed in this paper. Frequency deviations are monitored and used to trigger the load estimation algorithm to track changes in power demand. Based on estimated demand values, a distributed economic dispatch (ED) algorithm, which only requires that the communication topology satisfies the jointly connected condition, is proposed to calculate the optimal generation references for the generators. The ED algorithm has the finite-time convergence property, which is rigorously proved by Lyapunov theory, LaSalle’s invariance principle and homogeneous property. Based on optimal generation references, the parameters of droop controller are reset in real time, which makes microgrid achieve frequency restoration and economic operation simultaneously. Finally, several case studies are presented to illustrate the effectiveness of the proposed control strategy.