Optimal dynamic pricing for mixed customers with and without smart meters was studied under the background of the smart grid popularization and application. First, the power supplier took into account the utility of two types of users while ensuring the stable operation of the power grid and their own economic benefits. Then, a power consumption planning function and welfare function of users without smart meters were established, and a Stackelberg game model with one master and multiple slaves was proposed. Finally, the model was applied to the original two pricing mechanisms of power suppliers, and the equilibrium solution was obtained by numerical simulation, and the rationality of the model was verified by comparative experiments. It is verified that the game model can effectively carry out demand side management for users without smart meters, which can not only cut peak and fill valley, but also maximize social welfare. At the same time, it can better deal with sudden increase of power demand than previous relevant research, stabilize the power grid and improve the user utility, which is more in line with China's national conditions.