As an important means to realize the energetic complementarity and improve the efficiency of renewable resources, the stand-alone microgrid (SAMG) system gains attention increasingly, especially in islands and remote areas. In this paper, considering the interest conflict of the distribution company and the distributed generation owner, a new multi-objective optimal planning model is formulated for medium voltage SAMG. Besides, to avoid the power constraint of distributed generation (DG) once the over-limit voltage occurs, a novel two-step power dispatch control method including the voltage regulation strategy is proposed, in which the absorption of distributed power by energy storage system (ESS) and the reactive power adjustment though its power control system are used to regulate voltage. The goal of this paper is to search the Pareto-optimal front of the site and capacity of DG as well as the contract price between both parties, and thus can provide effective references for practical planning of SAMG. Considering the high cost of ESS, the investment analysis of ESS is also discussed in the paper. (C) 2016 Elsevier Ltd. All rights reserved.