The invention discloses a compressed air energy storage system using carbon dioxide as a working medium. The system utilizes the supercritical characteristic of carbon dioxide and the state change characteristic of the carbon dioxide near the critical point, and the assistance by the conditions of outside environments (such as underground and seabed cavities) is not needed, so the switching of the energy storage system among constant-pressure energy storage, constant-pressure energy releasing, constant-capacity energy storage and constant-capacity energy releasing is realized, and the different types of power storage and releasing can be realized. The system utilizes the characteristic of the carbon diode which is converted from the gas state into the supercritical or liquid state, so the carbon dioxide is stored, and compared with the gas storage, the complicated degree and design difficulty of the system are effectively reduced, and the cost of the energy storage system is reduced. Meanwhile, the double-storage device method is adopted, the switching of the system between energy storage and energy releasing is flexibly completed without utilizing the assistance by the outside environments (such as underground and seabed cavities), the energy storage and energy releasing characteristics of the system are changed by controlling the carbon dioxide storage/releasing method, and the flexibility of the system is enhanced. The system can be used together with the renewable energy sources, such as solar energy and wind energy, so the generation of other pollutants is avoided, and the environment-friendly characteristic is good.