To give full play to the ability of a photovoltaic and storage system to provide a frequency regulation service and improve the revenue of the system, a market bidding strategy for such a system based on AGC zoning control is proposed. First, considering the operational characteristics of the photovoltaic and storage system and the uncertainty of grid frequency fluctuation, a day-ahead and real-time two-stage trading method for the system to participate in the energy and frequency regulation market is given. Second, the real-time frequency modulation control method of the photovoltaic storage system participating in AGC is proposed, and the frequency adjustment amount borne by the photovoltaic and storage system is dynamically allocated according to the control domain where the regional control deviation is located. Then, a multi-time scale bidding optimization model for the participation of the system in the market is constructed, in which the day-ahead market considers the potential real-time energy deviation, and the real-time market uses the rolling optimization method to feed back and correct a variety of uncertainties. Finally, through example analysis, it is verified that the strategy increases the profit by 14.9 % under the premise of fully considering the frequency security and stability of the power system, and significantly improves the revenue of the photovoltaic and storage system. This work is supported by the Science and Technology Project of the Headquarter of State Grid Corporation of China: Optimal Configuration and Support Capacity Evaluation of Large-Scale Energy Storage Access Power Systems (No. 5419-202155242A-0-0-00).