This paper presents a combined optimal energy and power flow management for islanded microgrids. The highest control level in this case will provide a feasible and optimized operating point around the economic optimum. In order to account for both unbalanced and balanced loads, the optimal power flow is carried out using a Glow-worm Swarm Optimizer. The control level is organized into two different sub-levels, the highest of which accounts for minimum cost operation and the lowest one solving the optimal power flow and devising the set points of inverter interfaced generation units and rotating machines with a minimum power loss. A test has been carried out for 6 bus islanded microgrids to show the efficiency and feasibility of the proposed technique.