To explore the influence of the Xiluodu-Xiangjiaba cascade reservoir system on the appropriate environmental flow (AEF) of the Jinsha River, a multiobjective optimal cascade reservoir model was established with the aim of maximizing power generation while minimizing the downstream degree of AEF alteration. The AEF was determined using the range of variability approach (RVA). The optimal model was solved using an improved version of NSGA-II called INSGA2-DS. Inflows in typical normal and dry years were selected for optimization. The results show that in a normal year, power generation can be increased by 1.28% compared with that under the current regular operation conditions by prioritizing the maximization of power generation, in which case the degree of AEF alteration will increase by 13.86%. In contrast, the degree of AEF alteration will decrease by 22.53% if ecological protection is prioritized, but power generation will decrease by 0.62%. Similarly, in a dry year, power generation can be increased by 1.76% compared with that under the current regular operation conditions to maximize economic benefit, in which case, the degree of AEF alteration will increase by 4.95%. By contrast, the degree of AEF alteration can be decreased by 13.70% if the objective is AEF minimization, but power generation will decrease by 0.48%. These research results provide useful information for the formulation of ecological operation schemes involving cascade reservoirs on the Jinsha River.