The　effects　of　links　among　the　carbon　price,　feed-in　tariff　(FIT),　and　peak　shaving　price　on　flexible　transformation　in　coal-fired　power　plants　are　not　well　understood.　To　address　this　gap　in　knowledge,　we　first　designed　multi　price　links　to　advance　coal-fired　power　plant　flexible　transformation.　Second,　the　effects　of　multi　price　links　on　coal-fired　power　plant　operation　were　analyzed.　Third,　an　economic　evaluation　model　for　coal-fired　power　plant　flexible　transformation　was　constructed　based　on　fuzzy　real　option　considering　multi　price　links.　Finally,　strategies　for　encouraging　coal-fired　power　plant　flexible　transformation　were　proposed.　The　results　showed　that　(1)　matching　of　the　peak　shaving　models　and　peak　shaving　depth　was　a　key　factor　influencing　profits　during　coal-fired　power　plant　flexible　transformation.　(2)　The　effects　that　multi　price　links　had　on　the　market　value　of　coal-fired　power　plants　mainly　resulted　from　the　transferring　rate　of　the　carbon　price　to　the　FIT　and　elastic　electricity　demand.　(3)　The　positive　effects　associated　with　multi　price　links　on　the　market　value　of　coal-fired　power　plants　can　gradually　be　realized　by　increasing　the　peak　shaving　depth.　This　study　not　only　provides　a　quantitative　coal-fired　power　plant　flexible　transformation　investment　decision　model　for　investors,　but　it　would　be　also　beneficial　for　promoting　low-carbon　policies.　©　2023　Elsevier　Ltd