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Summary: Energy management of the grid connected microgrid (MG) systems with low cost using a novel hybrid algorithm is implemented in this paper. The novel proposed hybrid technique is the combined performance of both the Random Forest (RF) and Coral Reefs Optimization (CRO) algorithm and in this way it is named as RFCRO. Optimum operation of micro‐sources for decreasing the electricity production cost by hourly day‐ahead and real‐time scheduling is the main objective of the paper. The proposed hybrid technique is to manage the power flows between the energy sources and the grid. To achieve this point, demand response and minimum cost of energy are determined. This technique is involved with the mathematical optimization problems that necessitate more than one fitness function to be optimized simultaneously. By using the inputs of MG‐like wind turbine, photovoltaic array, battery, and fuel cell with corresponding cost functions, the RF is employed to predict the load demand. CRO clarifies the squirrel in optimizing the configuration of MG based on the load demand. The proposed hybrid technique is implemented in MATLAB/Simulink working platform and compared with other solution techniques like BFOANN, ALO, GOAPSNN, and RBFNN‐SSA technique. The comparison result reveals that the superiority of the proposed technique confirms its ability to solve the problem. [ABSTRACT FROM AUTHOR]