To solve the traffic load-imbalance problem in electric power communication networks based on Open Shortest Path First (OSPF) protocol, an efficient Two-Step Optimized OSPF Protocol (TSO-OSPF) algorithm was proposed to balance the traffic in intra-area and inter-area of OSPF respectively. The bandwidth utilization and delay were adopted as link weights, the inward and outward traffic of a router was considered, the overloaded branches were decomposed into multiple routers to minimize the maximum traffic flow, thus the traffic-imbalance problem of internal and boundary router in the electric power communication networks was solved. The simulation results show that the TSO-OSPF algorithm can effectively balance the traffic in the network and reduce the packet loss rate by about 10% compared with the OSPF algorithm.