The invention relates to a compressed air energy storage power generation system which comprises a compression machine set, an air storage tank, an air heater, power generation equipment as well as a cold water storage tank, a middle cooler, a hot water storage tank and a preheater, wherein the compression machine set is used for generating high-pressure air through compression; the air storage tank is connected with the compression machine set; the air heater is connected with the air storage tank; the power generation equipment is used for generating power by using the high-temperature high-pressure air generated by the air heater; the cold water storage tank, the middle cooler, the hot water storage tank and the preheater are in end-to-end connection so as to form a circulation water path; an air outlet of the compression machine set can be connected with an air inlet of the air storage tank through the middle cooler, so that heat exchange is performed on flowing air and cold water; an air outlet of the air storage tank is connected with an air inlet of the air heater through the preheater, so that heat exchange is performed on flowing air and hot water. Due to the arrangement, the purposes of energy consumption reduction and power generation efficiency improvement are achieved, and meanwhile the compressed air energy storage power generation system is simple in structure, simple in method, remarkable in effect and applicable to popularization and application.