In this paper, the microgrid economic scheduling mathematical model considering the integration of plug-in hybrid electric vehicles (PHEVs) is presented and the influence of different charging and discharging modes on microgrid economic operation is analyzed. The generic algorithm is used to find an economically optimal solution for the microgrid and PHEV owners. The scheduling of PHEVs and the microgrid are optimized to reduce daily electricity cost and the potential benefits of controlled charging/discharging are explored systematically. Constraints caused by vehicle utilization as well as technical limitations of distributed generation and energy storage system are taken into account. The proposed economic scheduling is evaluated through a simulation by using a typical grid-connected microgrid model.