The invention discloses a power generation system based on pressure constancy. The power generation system based on the pressure constancy comprises a high-pressure gas system, a gas-liquid mixing system, a hydraulic generator set, a channel switching system, a control system and a water flow compensation pressure circulation system, wherein the high-pressure gas system, the gas-liquid mixing system, the hydraulic generator set and the water flow compensation pressure circulation system are connected through the channel switching system, and are controlled through the control system. A water pump pumps water and compresses air in a variable-pipeline-characteristic down-conversion operation mode so that the water pump can operate near an efficient area all the time, the high efficiency is maintained, and electric energy consumed by water pumping of the water pump is reduced; a water turbine is stabilized near a rated water head in the power generation process so that the water turbine can operate near the highest efficiency area, and more electric energy is generated; and therefore, by consuming less electric energy, more electric energy is increased, so that the overall efficiencyfor converting power into power of the system is higher. The system has the functions of conventional compressed air energy storage and pumped storage power station large-scale electric energy storage, and has the characteristics of no dependence on terrain fall, high efficiency, long operation time and the like.