The proportion of installed capacity of renewable energy sources such as wind power continues to increase. The intermittent and volatility of its output have put tremendous pressure on the power system’s dispatch and operation, and the demand for peak shaving by the power grid is increasingly urgent. The hydrogen production system participates in the optimization model of the auxiliary peak shaving service capacity allocation of thermal power units. The power grid’s waste wind power cannot absorb hydrogen through water electrolysis, improving resource utilization efficiency. Based on the technical and economic model analysis of the peak shaving-oriented hydrogen production system, based on the constraints of thermal power and hydrogen production systems, a control strategy for the hydrogen production system to participate in the auxiliary peak shaving of thermal power is proposed. Considering the comprehensive load of the power grid affected by wind power fluctuations, the optimal allocation plan of the hydrogen production system capacity is obtained. The analysis is carried out in the actual example model to verify the correctness of the theoretical analysis.