The output of wind power and photovoltaic power is random, fluctuating and intermittent, and a direct grid connection will result in the reduction of power generation income and a great fluctuation in the power grid’s connection. The addition of hydropower stations can reduce the above problems. Therefore, this paper first introduces and analyzes a typical application scenario of a water–wind–light combined power generation system. Then, a multi-objective optimization model is established, considering the two objectives of maximizing the joint generation and minimizing the system’s power fluctuation. Third, the adaptive fractional order calculus strategy is introduced, and a multi-objective pigeon swarm algorithm, which can adaptively adjust the fractional order according to the location information of a flock, is proposed. Finally, an optimization simulation is carried out. The simulation results show that the improved multi-objective pigeon swarm algorithm has better optimization accuracy. It provides a reference for the future implementation of hydropower stations, and the surrounding wind and photoelectric field joint dispatching strategy.