Abstract: In order to solve the problem that microgrids lack accurate characterization of carbon emission flow, which leads to the increasing contradiction between the low-carbon operation mode and the economic operation mode in operation level and the poor balance between low-carbon and economy, this paper constructs an electricity-hydrogen integrated operation framework considering power to hydrogen (P2H) and and multi-energy coupling, and proposes a low-carbon - economic collaborative double-layer optimal dispatching model for microgrid considering carbon emission flow and low-carbon demand response. In the upper optimization dispatching model, with the integrated wind, solar and hydrogen storage industrial park as a typical microgrid scenario and the coordinated optimization of low-carbon and economy as the objective, the source-side carbon trading mechanism is integrated into the dispatching decision-making objective to fully explore the low-carbon - economy coordinated operation mode of microgrid, with which the optimal low-carbon economic dispatching strategy of microgrid is formulated. In the low-carbon demand response model, with the saved carbon emission costs by reduced carbon emissions of microgrid users as an incentive signal, a mapping relationship between energy flow and carbon emission flow of microgrid is established to realize the transfer and allocation of carbon emission responsibilities and fine evaluation of carbon emission characteristics of microgrid operations, so as to establish a low-carbon DR model which guides users to participate in carbon emission reduction strategies according to the spatial and temporal differences of load carbon emission intensity, and to deeply explore the synergy between low-carbon and economy of source-load of microgrid. Finally, a case study of an industrial park microgrid is conducted to verify the effectiveness of the proposed model.