Out-of-band interference and fundamental frequency deviation decreases accuracy of frequency estimation sharply, so that a frequency estimation algorithm of power systems considering out-of-band interference was proposed to solve this problem in this paper by modeling frequency deviation of fundamental component and out-of-band interference. Firstly, leakage phenomenon is analyzed considering out-of-band interference and fundamental frequency deviation, and a rough out-of-band phasor is obtained by reassigning phasor estimation of discrete Fourier transform (DFT). Then, the rough phasor was utilized to calculate rough out-of-band frequency, treated as the reference frequency of the expanding Taylor model. Finally, according to the higher-order derivatives of Taylor model, accurate frequency estimation could be obtained. Simulations show that the proposed algorithm can accurately yield both fundamental frequency and out-of-band frequency under frequency deviation and noise disturbance. The power-system-voltage test illustrates that the proposed algorithm can provide frequency estimations with smaller fluctuation than that of the algorithms in comparison. © 2019, Power System Technology Press. All right reserved.