Abstract: To address the multi-objective scheduling problem involving power generation, water supply, and water transfer in day-ahead operation of hybrid pumped storage–water transfer coupled systems, a multi-objective coordinated optimal scheduling model was developed. A multi-objective sparrow search algorithm was employed to obtain the Pareto-optimal solution set. Taking the Hunanzhen–Huangtankou–Wuxijiang hybrid pumped storage system as a case study, the optimization results were compared with those of a rule-based load allocation benchmark. The results indicate that: significant trade-offs exist among objectives, with generation exhibiting competitive relationships with water supply and water transfer, while water supply and water transfer show overall compatibility; compared with the benchmark scheme, the Pareto solutions achieve simultaneous improvements in generation, water supply reliability, and transferred water volume. For a typical dry-season day, generation increases by 55.2 MW·h, water supply reliability improves by 7.50%, and transferred water volume increases by 11,700 m3. The proposed model provides a reference for the coordinated operation of water and power networks under integrated scheduling.