Abstract: Hydrogen production based on fluctuating power generation by wind and solar is an important way to efficiently consume the wind-solar resources and stabilize the output fluctuation for grid connection. However, the unstable attribute of wind-solar resources has a direct relation to the operating efficiency and economic benefits of hydrogen production system. For this reason, the hydrogen production system was analyzed in terms of its dynamic characteristics based on the wind-solar-hydrogen-storage integrated system. In combination with system operation strategy and the adaptive PSO algorithm, the system capacity allocation was optimized and the system economy was further evaluated. Specifically, an analysis was conducted based on specific cases, and the analysis results demonstrate that the wind-solar hybrid hydrogen production can effectively stabilize the wind-solar generation fluctuation, and has the efficiency raised to 32.17%, which is apparently higher than the single photovoltaic hydrogen production(10.25%) and the single wind power hydrogen production(23.39%). Moreover, the economic benefit of wind-solar hybrid hydrogen production is significantly better than that of single hydrogen production. For example, the internal rate of return(IRR) of wind-solar hybrid hydrogen production can reach 8% when the hydrogen is priced at 29.85 yuan/kg. Generally, the research results are of great reference value for the energy efficiency and economic evaluation of wind-solar hydrogen production technology.