This paper addresses a novel security constrained energy management system of a microgrid which considers the steady-state frequency. Microgrid frequency as a key control variable, continuously exposes to be excursed of its nominal value due to unpredictable intermittencies arise from renewable sources and/or load consumptions. Moreover, great utilization of inertia-less inverter-interfaced distributed energy resources intensifies potential frequency excursions. As a result, energy and reserve resources of a microgrid should be managed such that the microgrid frequency lies within secure margins. To that end, a new objective function on the basis of the frequency dependent behavior of droop-controlled distributed generations is formulated using a mixed integer linear programming. It is aimed to optimize the microgrid frequency according to the economic and environmental policies. Besides, to seek the active participation of the consumers into proposed frequency management approach, a linearized ancillary service demand response program is also proposed. In addition, to properly model the impacts of microgrid various uncertainties in the frequency management approach, a two-stage stochastic optimization algorithm is employed. Simulations are performed in a typical microgrid which operates in the islanded mode during a 24 h scheduling time horizon. The numerical results show the impressiveness of the proposed frequency aware energy management system while concurrently managing the microgrid security and economical aspects. Furthermore, it is demonstrated that utilization of demand response programs economizes the microgrid frequency management approach.