When using a differential evolution algorithm to solve the joint flood optimization scheduling problem of cascade reservoirs, a greedy random optimization strategy is prone to premature convergence. Therefore, a new, improved Elite Conservative Differential Evolution Algorithm (ECDE) was proposed in this study. This algorithm divides a population into elite and general populations. The elite population does not undergo differential mutation, whereas the general population uses an adaptive differential mutation strategy based on successful historical information to participate in differential mutation. This elite conservative strategy effectively improves the diversity of the population evolution process and enhances convergence accuracy and stability. In a numerical experiment involving 10 test functions, the proposed ECDE performed the best overall (seven functions had the best stable convergence solution, while the remaining three performed the best), while in the single-objective flood control optimization scheduling problem of cascade reservoirs in the middle reaches of the Gan River, some algorithms could not even stably converge to feasible solutions (taking the 1973 inflow as an example, the peak shaving rate of the ECDE calculation results was 3.4%, 13.72%, and 11.73% higher than those of SHADE, SaDE, and GA, respectively). The proposed ECDE algorithm outperformed the SHADE, SaDE, GA, PSO, and ABC algorithms in terms of both convergence accuracy and stability. Finally, ECDE was used to analyze the multi-objective flood control scheduling problem of cascade reservoirs in the middle reaches of the Gan River, and it was found that the weight setting in multi-objective optimization should follow an upstream priority program or equilibrium programs. Adopting a downstream priority program results in poor upstream flood control performance. The above analysis fully verifies the superiority of the proposed algorithm, which can be used to solve and analyze the joint optimization scheduling problem of cascade reservoirs.