Reservoir operation rule curves are crucial for managing water supply and power generation in reservoirs. As the number of objectives and management requirements increase, there is a growing demand for optimized operation rule curves. The objective of this study is to explore the most effective forms of reservoir operation rule curves, focusing on the case of the Nierji Reservoir and considering the dual objectives of water supply and power generation. The parameter–simulation–optimization framework, specifically employing the NSGA-II algorithm, was used to analyze and compare two basic forms of operation rule curves: the shared type and independent type. The impact of these curves on water supply potential and multi-objective optimization results with various water demand scenarios was assessed. The analysis revealed that the choice of operation rule curve form can influence the maximum water supply potential of the reservoir to some extent. The independent type operation rule curve was significantly more effective in enhancing the water supply potential for industrial and domestic users, resulting in a notable increase of 3.5 × 108 m3. Additionally, it also proved beneficial for environmental users, with an increase of 1 × 108 m3. Conversely, the shared type operation rule curve demonstrated similar functionality to the independent type curve with fewer decision variables, particularly when the water demand was relatively low. In scenarios with high water demand, the independent type curve outperformed the shared type curve by generating 6549 superior, non-dominated solutions for multi-objective optimization, specifically focused on maximizing reservoir operation benefits. In conclusion, selecting the appropriate form of reservoir operation rule curve is crucial to balance different reservoir functional objectives and achieve optimal results. Further research could focus on quantifying the specific benefits and trade-offs associated with each type of curve in order to provide more robust evidence for the advantages of a complex reservoir system.