Abstract: With the increasing penetration of renewable energy and the growing spatial mismatch between power generation and load demand, uncertainty in power-flow distribution has intensified, highlighting the need to exploit the active regulation capability of grid-side resources such as embedded DC systems, and an operating-state-driven coordinated optimal dispatch method is proposed in this paper. A predicted operating condition is constructed using ultra-short-term forecasts for the target dispatch interval, and a grid operating-state index is established from the resulting power-flow calculations to classify the target grid into normal, warning, and critical states. By jointly considering the importance of the security objective and the grid's demand for the power regulation capability of embedded DC systems, the security objective priority and grid flexibility priority are identified. Based on these priorities, the weights of the economic, security, and flexibility objectives are determined, and a source-grid coordinated optimal dispatch model is formulated while accounting for the operating characteristics of embedded DC systems and grid operating constraints. Case study results demonstrate that the proposed method reduces the risk of line overloading while maintaining operating economy and DC regulation margin.