A compressed air energy storage power generating system comprises an electromotor, an air compressor, a high-pressure air storage tank, a low-pressure steam turbine and a power generator, wherein the electromotor drives the air compressor, the low-pressure steam turbine drives the power generator, and air compressed by the air compressor drives the low-pressure steam turbine. The compressed air energy storage power generating system is high in efficiency, long in service life, convenient in storage and use, high in storage capacity, low in investment cost, is energy-saving, emission-reduction, low-carbon and environment-friendly by utilizing compressed air to generate power, breaks the scope of all power machines, is a perfect combination of the fluid mechanics, the air pressure mechanics, the lever mechanics and the potential energy mechanics, and is capable of circulating self energy supply and realizing multiple work application, so that mechanical efficiency of the compressed air energy storage power generating system is improved greatly and more energy can be saved. Besides, heat insulation and dissipation are out of consideration since ultrahigh pressure steam driving is omitted. The compressed air energy storage power generating system is simple in structure, low in cost, convenient in maintenance and durable, and can be applied to power dragging and power generation widely.