In view of the situation that the existing order allocation models mostly assume that the supplier’s capacity can fully meet the demand of the demander, and ignore the fair allocation between multiple demanders, a mixed integer programming model considering satisfaction degree of multiple suppliers, multiple demanders, multiple products and multiple cycles under limited capacity is constructed. The economy is reflected by minimizing the total allocation cost, and the equilibrium is reflected by maximizing the minimum delivery quality satisfaction and the minimum delivery time satisfaction. Based on the maximum and minimum objective function processing and multi-objective transformation, the model is transformed to save the algorithm solving time. The NP property of the order allocation problem is proved, and the simulated annealing algorithm for solving large-scale problems is designed. The experimental results show that the proposed model can take into account the cost, quality and time objectives of order allocation. The established model is compared with the existing model, it can effectively avoid the serious shortage of orders of individual demanders caused by the limited capacity of suppliers, and ensure the equilibrium of satisfaction degree among multiple demanders to the greatest extent. The designed simulated annealing algorithm is superior to the standard genetic algorithm in solving large-scale problems, and its solving efficiency is better than LINGO software.