The invention provides a cryogenic liquefied air energy storage system and method. The cryogenic liquefied air energy storage system comprises a compression device, a liquefying and storage device, apressurizing device, a gasifying device, a cold storage device and an expanding and power generation device; the compression device, the liquefying and storage device, the pressurizing device, the gasifying device and the expanding and power generation device are connected sequentially; the gasifying device is connected with the liquefying and storage device through the cold storage device; and the cold storage device comprises a heat insulation shell and multiple cold storage tanks, the multiple cold storage tanks are located inside the heat insulation shell, the cold storage device adopts the compact structure, the cold storage tanks are filled with cold storage media, thus the cold storage efficiency is increased, and the occupied area is small. According to the system and the method, only one heat insulation shell is arranged, so that the contact area of the cold storage device with the outside is greatly reduced, heat exchange of the cold storage device with the outside is reduced, the energy loss is reduced, and the storage time of high-quality cold energy is prolonged. The cold storage device of the system is high in storage capacity, high in cold storage quality, easy to manufacture and mount and relatively low in relative investment, so that the economy of the system can be improved.