There is a need to balance the safety and stability of the power grid and the impact of load shedding in a fault condition. To achieve reduction of the control cost and reflect fair competition among load users, this paper proposes a load-shedding control optimization decision-making method to guarantee system frequency stability under high-power shortage scenarios. First, the factors affecting the effect of load shedding control are analyzed from three aspects: load priority, load loss cost and load shedding accuracy. On this basis, a non-cooperative game model of multi-load users with various load users as participants is constructed using the principle of game theory. Then the NSGA-II algorithm is used to solve the problem. By solving the multi-objective optimization model, the Pareto global optimal solution is obtained as the load-shedding optimization strategy. Finally, the effectiveness of the proposed model and its solution method is verified by a typical example of a regional power grid. This work is supported by Science and Technology Project of the Headquarter of State Grid Corporation of China (No. 5100-201940008A-0-0-00) “Research on System Protection Test Verification Technology based on Multi-mode Joint Real-time Simulation and Control Strategy Flexible Reconstruction”.