Abstract: Purpose/Significance The corporation is the key subject of green governance. Clarifying the status and trends of green governance is of great significance for promoting the green development of corporation and realizing the modernization of harmonious coexistence between man and nature. Design/Methodology Based on the perspective of system theory, the observation and evaluation index system of green governance at the corporate level of“five-green integration”is constructed from five dimensions of corporate green environment, green management, green emissions, green information and green monitoring. The entropy weight method and TOPSIS method are used to rank and evaluate the green governance level of listed corporations in power industry from 2015 to 2021. Conclusions/Findings (1) From 2015 to 2021, the green governance level of sample power corporations shows an upward trend, but the overall level is low and uneven. There are significant differences in scores and annual growth rates of corporate green governance dimensions. (2) The green governance level of sample power corporations is heterogeneous due to the differences in regions, property rights and scales. Specifically, the green governance performance of power corporations in the eastern region is significantly better than that in the central, western and northeastern regions; the green governance level of central power corporations is higher than that of local state-owned and private corporations; large power corporations have obvious advantages in green governance. In view of this, this paper proposes to build a “four-in-one” green governance mechanism from the aspects of self-discipline, mutual discipline, heteronomy and law, so as to guide the power companies to scientifically design the green strategic decision-making framework, comprehensively implement the green governance and create green economic value.