Abstarct: Abstract Due to the increasing penetration of distributed generation and charging stations of electric vehicles, as well as the capabilities of demand-response, the operation of smart microgrids has been become a complex problem. Particularly, the problem of price offering of smart microgrids in energy markets, considering Volt-Var optimization has not been studied. In this thesis, a smart microgrid including photovoltaic generating units, price-responsive demands, and charging stations participates in the real-time energy market. An integrated energy management and Volt-Var optimization system in charge of smart microgrid decides operating decisions in a two-stage process. In first stage, offering in the real-time energy market, active and reactive power schedules of demands, and settings of slow-acting devices (i.e., on-load tap changer and capacitors) are decided for upcoming hour. In order to tackle uncertainties in real-time market price, photovoltaic production and charging rate of electric vehicles, deterministic and adaptive robust optimization approaches are used. After clearing market, in second stage, the photovoltaic generating units and charging stations are dispatched in minutes-intervals. Results through 69-bus system indicate that the operating decisions by the deterministic optimization approach are not feasible in some hours. However, the decisions made by the adaptive robust optimization approach are feasible, as well as efficient from economic and technical perspectives.