With flexible and efficient energy management, more and more microgrid clusters have been used in today’s energy systems. To make full use of the microgrid cluster for the purpose of making profits in the economic field and reducing carbon emissions, the interaction between the electricity market and carbon trading market becomes increasingly crucial. In this regard, in this paper, we build up an optimization model based on distributed master-slave game to make reasonable decisions for microgrid cluster in the process of electricity transactions and carbon emission rights trading. First, with dual-market coupling of electricity and carbon as well as the master-slave game method, we study the optimization scheduling and game interaction of microgrid cluster under fluctuating market condition. Second, in view of multiple constraints faced by microgrid cluster under reality condition, an optimization model with the minimization of cost and carbon emissions as objectives is established, along with a corresponding distributed solving algorithm. Finally, we verify the feasibility of our proposed optimization model through simulation experiments. According to the simulation results, the optimization model presented in this paper can not only increase the economic benefits of microgrid cluster in the electricity-carbon market coupling environment but also effectively reduce the amount of carbon emissions. Through the proposed optimization strategy, microgrid cluster will become highly competitive players within the coupled electricity and carbon market environment. At the same time, this research is of great significance for the wider application of green low-carbon energy.