Since the water resources of Glen Canyon and Hoover Dam are not properly allocated and the drought conditions in the Colorado River Basin are gradually increasing, it is important to develop a reasonable water resources allocation plan for the present and future. A multi-dam joint dynamic operation model (MJDM) is introduced to study the dynamic water supply and power supply problem of the dams. Based on the dynamic simulation of combined operation of dams for water and electricity supply, we develop a multi-objective optimization model to solve the competitive scheduling problem of water and hydropower resources and provide a reasonable dynamic water resource allocation plan decision. We use simulated annealing algorithm(SA) to find out our water and electricity power supply allocation strategies and economic trend based on different scheduling periods. Finally, a sensitivity analysis is performed on the parameters related to initial water level and flow rate in the model.