In response to the problem of insufficient frequency regulation capacity and frequency response ability caused by the increasing penetration rate of new energy in the power grid, this paper proposes a source-load-storage coordinated control frequency regulation method with waste mine-pumped storage power stations. First, the frequency response model is established for the industrial load of electrolytic aluminum, waste mine pumped storage power stations, and super capacitors. Then, based on the theory of model predictive control, a distributed model predictive controller with regional information interaction is designed with the goal of minimizing the weighted functions of system state and control variables, and a source-load-storage coordinated control frequency regulation method with waste mine-pumped storage power stations is proposed. Finally, the distributed model predictive controller is applied to the proposed source-load- storage collaborative control method, and simulated in an improved IEEE standard two-region LFC model. The results show that this method can shorten frequency recovery time, reduce maximum frequency difference, and improve the system’s frequency regulation dynamic performance.