To achieve the economic, low-carbon, and high-efficiency cooperative operation of gas–steam–power system (GSPS) in iron and steel enterprises, this chapter proposes a multi-objective optimal scheduling method that takes into account the exergy efficiency of GSPS. First, the analysis approach of electricity equivalent is used to simplify the calculation of the exergy efficiency, and a low carbon emission reduction method based on exergy efficiency is proposed for the GSPS, which can achieve the dual goals of reducing system carbon emissions and reducing energy consumption. Then a multi-objective scheduling model is constructed to maximize the exergy efficiency of the system and minimize the operating cost. Finally, the Pareto frontier solution is obtained by using the traversal weight method of solving, and the optimal decision solution is determined by combining with the TOPSIS method. The effectiveness of the proposed method is verified by simulation examples, which can provide a guiding program for the sustainable development of iron and steel enterprises.