Abstract: In order to maximize the comprehensive benefits of Pingshang-Longhuakou cascade reservoirs and alleviate the contradiction between supply and demand of water resources in Xinzhou-Yangquan water demand areas, a new multi-objective equilibrium allocation model of cascade reservoirs is proposed, which aims at maximizing power generation benefits, water supply benefits and ecological benefits. This model uses the constructed decentralized renormalization fitness function and sets three simulation scenarios to distribute the weight of each goal evenly. The model also establishes the coordination mechanism of water resources allocation, which focuses on the evaluation of the utilization potential of various industries in Xinzhou-Yangquan areas, to distribute water supply in a balanced manner. The Memetic Algorithm is improved by using adaptive nonlinear evolution parameters, optimal individual backup strategy and the steepest mountain climbing method to find the optimal result locally. Then, it is used to calculate the allocation schemes under the different incoming water conditions and compared with the results obtained by existing mainstream algorithms. The results show that the model can reduce the water shortage rate of water supply and ecology under different water inflow conditions. The maximum annual water shortage rate is no more than 15%. It can also increase the total annual power generation by at least 20%. The research results can provide reference for the equilibrium allocation of water resources in the study areas.