The invention relates to the field of air conditioners, in particular to a power saving device for energy storage and energy conversion of an air conditioner. When the power saving device works, hot air or cold air in a room is directly transmitted into an energy conversion pipe, buried on the bottom, of the power saving device for energy storage and energy conversion by means of a compressor through hot media and cold media in an indoor unit, so that heat exchange is conducted between the cold air or hot air and heat-conducting media and water containing soil, stone and sand in a heat-conducting pipe, and energy is stored. The power saving device for energy storage and energy conversion of the air conditioner has the advantages that the structure is simple, cost is low, the energy storage capacity is high, stability is guaranteed, the energy conversion effect is god, the power saving rate can reach over 70%, cold energy is stored in winter, heat energy is stored in summer, cold energy stored in winter can be used in summer, heat energy stored in summer can be used in winter, environment pollution is avoided, no water is consumed, groundwater resources are protected easily, the environment is optimized for humans, and a novel method for energy conservation and emission reduction is provided.