A complete electricity market plays a decisive role in the allocation of electricity resources and is key to ensuring active supply-demand interactions between market players and promoting the consumption of renewable energies. Currently, a targeted, comprehensive analysis on factors that affect renewable energy consumption is urgently required. Focusing on trading mechanisms that can promote renewable energy consumption at a full time scale, this study summarizes the structures and mechanisms of typical electricity markets abroad and sorts out the key factors that can promote renewable energy consumption. Based on this, the study explores the current structures and mechanisms of China's electricity market and examines the challenges faced during the electricity market construction. Moreover, the research progress of China's electricity market for high-proportion renewable energy consumption is reviewed from the aspects of market mechanism, trading mode, and new consumption pattern. Furthermore, we propose that key measures should be taken in terms of multiple-market collaborative cooperation, linking of medium- and long-term spot trading, ancillary services market construction, and establishment of a demand-side response mechanism.