In microgrids, the volatility and uncertainty of renewable energy make it challenging to achieve optimal performance using hierarchical control strategies with time-scale separation for economic dispatch and real-time control. To address this issue and enhance transient optimization, a distributed economic model predictive control (EMPC) strategy based on the alternating direction method of multipliers (ADMM) is proposed in this paper. To reduce computational complexity and communication overhead in distributed control, the ADMM method is employed to solve the distributed EMPC problem in parallel. Using Lyapunov-based analysis, the study establishes the system's asymptotic stability. Moreover, it demonstrates that the EMPC strategy achieves an average performance equivalent to-or even exceeding-that of the optimal steady-state. Simulations validate the proposed algorithm's effectiveness in economic dispatch and frequency restoration, while demonstrating its advantages in minimizing computational load and communication requirements.