The construction of the green certificate market promotes the development of renewables. The green certificate market is closely coupled with the power market. Hence, the market equilibrium analysis and the market mechanism design need to consider the interaction between the aforementioned two markets. However, the existing research does not consider the differentiated purchasing utility of green certificates for different types of users and the market-oriented formation mechanism of the green certificate price, which leads to the deviation of the user behavior modeling in the green certificate-power coupling market. As a result, the coupling relationship between the above two markets cannot be accurately reflected. With this in mind, this paper proposes a green certificate-power market equilibrium analysis method considering the users’ purchasing utility of green certificates. A bi-level optimization model of the green certificate-power market considering the purchasing utility of green certificates is constructed. By adjusting the parameters of the purchasing utility function, the differentiated green power demand for users can be reflected. The market-oriented formation of the green certificate price can be realized through the green certificate market clearing model. Based on Karush-Kuhn-Tucker conditions, linearization technology, and diagonalization algorithm, the constructed bi-level optimization model is iteratively solved to obtain the equilibrium results of the green certificate-power market. Based on the case studies conducted on the standard test system, this paper finds that the incentive effect of the key parameters of the green certificate market on the users’ green power consumption is significantly affected by their purchasing utility of green certificates. Also, the necessity of considering the users’ purchasing utility of green certificates during the design of the market mechanism is demonstrated.