Under the background of the "dual carbon" policy, the construction of a new power system has become an important strategic project in China. Energy storage has become an important support means for building a new power system because of its promotion of new energy consumption. Compared with centralized energy storage, distributed energy storage is more flexible and convenient, and it is easier to realize local consumption of distributed energy. Although distributed energy storage has many benefits for building new power systems, there is still a lack of reliable commercial operation modes in China to enable distributed energy storage to develop on a commercial scale. Therefore, it is necessary to discuss and analyze the commercial operation mode of distributed energy storage. Firstly, the commercial value of distributed energy storage recognized by the market is discussed from the policy level and the project practice level. Secondly, based on the domestic policy environment and the practical experience of related projects at home and abroad, the four mature business models of distributed energy storage are reviewed and discussed. Finally, based on the core commercial value of distributed energy storage and its physical characteristics of resource decentralization, the commercial operation mode of distributed energy storage is further prospected.