Reservoirs play important roles in hydropower generation, flood control, water supply, and navigation. However, the regulation of reservoirs is challenged due to their adverse influences on river ecosystems. This study uses ecoflow as an ecological indicator for reservoir operation to indicate the extent of natural flow alteration. Three reservoir optimization models are established to derive ecological operating rule curves. Model 1 only considers the maximization of average annual hydropower generation and the assurance rate of hydropower generation. Model 2 incorporates ecological objectives and constraints. Model 3 not only considers the hydropower objectives but also simulates the runoff and calculates the ecological indicator values of multiple downstream stations. The three models are optimized by a simulation-optimization framework. The reservoir ecological operating rule curves are derived for the case study of China's Three Gorges Reservoir. The results represent feasible schemes for reservoir operation by considering both hydropower and ecological demands. The average annual power generation and assurance rate of a preferred optimized scheme for Model 3 are increased by 1.06% and 2.50%, respectively. Furthermore, ecological benefits of the three hydrologic stations are also improved. In summary, the ecological indicator ecoflow and optimization models could be helpful for reservoir ecological operations.