It exists time delays in information transmission in double channels, i.e. from controller to actuator and sensor to controller, during automatic generation control (AGC) for interconnected power grid. This paper bases on Model Predictive Control (MPC) method, uses its predictive characteristic, and stores and deals with the information in control process to mitigate the negative control effects caused by two-channel random time delays. Firstly, the AGC system model of two regional interconnected power grid is constructed with consideration of two-channel random time delays, and the influence of time delays on control effect is analyzed. Then, the realization method of Centralized Model Predictive Control (CMPC) is discussed in allusion to the control mode of interconnected grid AGC system, and the processing mode of two-channel time delays under CMPC framework is also analyzed. Furthermore, the frequency and Area Control Error (ACE) control deviation curves of the interconnected power grid are obtained by taking the step curve and random load curve as disturbance variables respectively. The simulation results show that the system has a good dynamic response performance by use of the proposed method with the consideration of two-channel random time delays, thereby the feasibility and effectiveness of the proposed method is verified. This work is supported by National Natural Science Foundation of China (No. 61473116 and No. 61603127).