Responding to the speedy development of generation scheduling of modern power grid, a novel multi-objective generation scheduling model of source and load considering the time-of-use price is proposed. First, the effects of time-of-use price to the source and load are analyzed, and the satisfaction indexes of customers are given from the costs and habit of customers. Then a multi-objective generation scheduling model is presented by considering both of the generation cost and the customer satisfaction based on time-of-use price. The solving algorithm is also given. In this way, the benefit of generation scheduling is maximized from both sides of source and load, the interests of source and load are also considered well. Finally, the proposed method is tested in a provincial grid, and the effectiveness is demonstrated fully. This work is supported by the National Basic Research Program of China (973 Program) ( No. 2013CB228205).