China　has　integrated　tradable　green　certificates　and　carbon　markets　with　its　electricity　sector　to　promote　renewable　energy　and　reduce　carbon　emissions.　However,　the　impact　mechanism　of　decision-making　behaviors　of　involved　entities　in　these　integrated　markets　on　the　market　equilibrium　is　still　unclear,　hence　limiting　the　further　development　of　renewable　energy　industries　and　carbon　reduction　progress　to　some　extent.　Therefore,　conducting　in-depth　research　to　inform　policy　makers　about　the　impacts　of　entities　＇　decision-making　behaviors　on　market　equilibrium　within　the　context　of　integrated　multiple　markets　is　crucial.　This　study　aims　to　analyze　the　characteristics　of　entities　＇　decision-making　behaviors　and　equilibrium　states　within　the　collaborative　dynamics　of　carbon,　electricity,　and　green　certificate　markets.　Specifically,　an　optimal　decision-making　model　for　entities　given　the　multi-market　coupling　was　developed　by　employing　mathematical　programming　methods　to　analyze　market　equilibriums　across　various　market　combinations　and　policy　parameters.　The　conclusions　underscore　equilibrium　price　shifts　and　decision-making　characteristics　among　entities　across　multiple　markets.　The　result　shows　that　the　carbon　market　could　increase　power　prices　and　decrease　green　certificate　prices.　To　ensure　sustainable　energy　development,　policymakers　should　consider　the　decision-making　behavior　of　entities　under　multi-market　coupling,　which　can　promote　the　low-carbon　transformation　of　the　Chinese　energy　industry.