The invention discloses a peak regulation power generation system and method coupled with compressed air energy storage. With the development and utilization of large-scale renewable energy sources, the peak-valley difference of a power grid is increasingly increased, and the bearing capacity is also limited. According to the technical scheme, when the power grid is in a power consumption valley period, air is compressed through power generated by a coal-fired unit and then stored in a storage space, and on the premise that it is guaranteed that the actual generation power of the coal-fired unit is higher than the minimum guaranteed generation power, the on-grid power of the coal-fired unit is effectively reduced; and when the power grid is in a power consumption peak period, the compressed air in the storage space is fed into a gas turbine for power generation, so that the power consumption of a main compressor is reduced, the on-grid power of the gas turbine is improved, and the natural gas consumption is reduced. According to the peak regulation power generation system and method coupled with compressed air energy storage, support can be provided for peak load shifting of the power grid, so that the renewable energy consumption capability is improved, and the usage amount of high-grade energy such as natural gas can be reduced on the premise that the on-grid power of the system meets the power grid adjustment requirement.