The invention relates to the field of utilization of energy and discloses a compressed air energy storage system capable of recycling cold energy in tail gas. The compressed air energy storage systemcomprises an air pipeline, a heat circulation pipeline and a cold accumulator, wherein the air pipeline comprises an air compressor, a cooler, an air storage chamber, a heat regenerator and a turbo expander which are successively connected with each other; the heat circulation pipeline comprises a low-temperature regenerated heat storage tank and a high-temperature regenerated heat storage tank which are successively connected with each other; the cooler and the heat regenerator are arranged on the circulation pipeline; the air pipeline and the heat circulation pipeline are used for respectively transferring heat through the cooler and the heat regenerator; the cold accumulator comprises a shell, a cold accumulation side air flowing channel and a cold recycling side air flowing channel; the shell is filled with cold accumulation media; the cold recycling side air flowing channel is connected with the air pipeline in series and is located between the cooler and the air storage chamber;the inlet of the cold accumulation side air flowing channel is connected with a gas outlet of the turbo expander. The compressed air energy storage system is capable of recycling and storing the coldenergy in the tail gas of the turbo expander, avoiding the waste of the energy, reducing the air storage temperature of the air storage chamber and improving the effective air storage capacity.