With the increasing global demand for renewable energy (RE), the growing share of new energy sources has become an inevitable trend. However, due to the uncertainty and fluctuation of renewable energy generation, this poses challenges to the stability of the power system. To mitigate the volatility of wind power output, ensure reliable power supply, and improve energy storage utilization, shared energy storage (SES) can be deployed in renewable energy bases (REBs) to alleviate the pressure on the power supply. However, electrochemical energy storage (EES) faces issues such as lifespan degradation and maintenance cost allocation. In this regard, this paper establishes an EES characterization model considering the dynamic degradation characteristics of batteries and analyzes the coupled relationship between lifespan degradation laws and key parameters in SES operation. Additionally, to assess the impact of electrochemical energy storage’s dynamic degradation characteristics on energy capacity allocation and operational strategies, an optimization model for SES in REBs is developed. Building upon this, a cost allocation mechanism is designed based on the marginal contribution in both the day-ahead and the real-time markets to address the differing demands for SES among different units within the REBs. Case studies are conducted to validate the rationality of the proposed optimization model for SES in REBs and the adaptability of the cost allocation mechanism. The results provide valuable insights for practical applications.