Aiming at the low carbon economy operation problem of integrated energy system, an optimization method of combined heat and power system considering augmented carbon emission flow and integrated demand response is proposed. Firstly, an augmented carbon emission flow model with carbon capture and heat storage devices is established. The carbon emission responsibility of load side is analyzed by combining carbon emission flow theory and Shapley value method, and its dynamic carbon emission factors are calculated. Secondly, a comprehensive demand response model based on load side thermal inertia is constructed. On this basis, a two-layer scheduling model of CHP system considering carbon trading mechanism is proposed. The upper layer is the power system model, and the lower layer is the energy hub model. The low-carbon economic scheduling is carried out with the minimum total system cost as the objective function, and the alternating direction multiplier method is used to solve the problem. Finally, the IEEE14-node power system is used for example analysis, and the simulation results verify the effectiveness of the proposed model.