The Japanese power market experienced five reforms before and after. The latest round of power reforms has transformed the power system vulnerability and the irrationality of electricity prices highlighted by the Fukushima accident. At present, the Japanese electricity market has been fully marketized, and the feed-in tariff(FIT) system for renewable energy has become more mature. At the same time, in the context of the energy Internet, Japan has actively promoted demand response (DR) and virtual power plant (VPP) development. In the future, Japan will further build a base market, a capacity market, and a non-fossil value trading market to enrich market trading mechanisms. The process of building the Japanese electricity market has many similarities with China. It aims to promote the opening of the power-sales side, and to study its reform process, the status quo of the power system and the future planning route. It has important reference significance for the current construction of China’s electricity market.