With the rapid development of urban rail transit, the energy consumption of trains is increasing dramatically. The shortage of electrical energy is becoming more and more serious. In this paper, a novel method is proposed to better use regenerative braking energy for energy saving. A ‘time slot and energy grid’ model is set up to analyze the utilization of regenerative energy among trains. Based on this model, an energy efficient strategy that integrates train dispatch with train control is designed. The running time of trains in sections, the dwell time of trains at stations and the headway can be adjusted to find the global optimal solution for energy saving. The operational data of Beijing Changping subway line and Beijing Yizhuang subway line are used in simulation to illustrate the effectiveness of the proposed method in different scenarios. Simulation results show that our approach can significantly improve the utilization of regenerative braking energy and minimize the energy consumption in different scenarios when compared with the existing method.