A compressed air energy storage and power generation device comprises a motor, a compressor, a pressure accumulation tank, an expander, and a generator. The motor is driven by a fluctuating input power. The compressor is mechanically connected to the motor and compresses air. The pressure accumulation tank is fluidly connected to the compressor and stores air compressed by the compressor. The expander is fluidly connected to the pressure accumulation tank and is driven by compressed air supplied from the pressure accumulation tank. The generator is mechanically connected to the expander and generates power to be supplied to a user. A cooling water flow path, whereby water flows inside a cooling water pipe for cooling air that is a working fluid, is provided inside a casing of the compressor. As a result, a compressed air energy storage and power generation device can be provided that is capable of efficiently reducing compressive axial force and of reducing power consumption.