Hydrogen is receiving unprecedented momentum and is projected to meet a sizable share of the final energy demand in the future. The coupling between the hydrogen and power systems can help integrate volatile renewable energy, reduce curtailment, and realize long-term energy storage. Different coupling modes are being proposed, yet quantitative comparisons are absent. To fill this gap, this paper firstly summarizes the system composition of potential power–hydrogen coupling modes and analyzes their advantages and disadvantages. Then, a model for power–hydrogen coordinated planning optimization is proposed for quantitative analysis. Southern Xinjiang is chosen as a representative of the northwestern area in China, which has plentiful renewable resources and a relatively small local load at present, for a case study. Through result analysis, it is found that the mode of power–hydrogen coupling at the source side, either for in situ utilization or for long-distance transport via pipelines, shows better economic competitiveness. The discussion provides suggestions and a reference to policymakers for formulating infrastructure or industry plans in advance to better accommodate the rapidly developing renewable energy.