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• A bi-level optimization model is proposed for charging and discharging battery-exchange buses. • The calculation method of carbon quota for battery-exchange buses to participate in carbon trading market is put forward. • The battery-exchange buses participation in ancillary service market has economic benefits. The mode of battery replacement will become the main means of urban public transport energy supply, which will have a significant impact on the energy cost of public transport companies and the stability of the power system. Therefore, this paper proposes a charging and discharging optimization model for electric buses to participate in the carbon trading market and the peak shaving auxiliary service market. The upper model aims to minimize the total daily energy cost of the bus company, and the lower model is optimized based on the upper optimization results to minimize grid load fluctuations. Then, the scheme proposed in this paper is compared with disordered charging and orderly charging based on time of use price. Finally, a bus company in Beijing is taken as an example of simulation. The results show that compared with the disordered charging and the orderly charging based on time of use price, the charging and discharging schemes proposed in this paper can reduce the daily energy cost of 6052.68 yuan and 617.42 yuan respectively, reduce the fluctuation of power grid load by 92.14 % and 13.85 %, and reduce the carbon emission of the "bus power" combined system by 3930 kg and 2080 kg. [ABSTRACT FROM AUTHOR]