The invention discloses an ultra-supercritical air energy storage/release system, which is a novel large-scale energy storage system and relates to an energy storage technology, namely, air is compressed into an ultra-supercritical state by using off-peak electricity of a power station, heat is compression is stored simultaneously, air is cooled by using an expansion engine and simultaneously expansion work is recovered to improve the efficiency, and the ultra-supercritical air is cooled, liquefied and stored by using stored cold energy; and liquid air is pressurized and absorbs heat to reach an ultra-supercritical state at the power utilization peak and further absorb heat of compression for power generation by a turbo-generator. The ultra-supercritical air energy storage/release system disclosed by the invention has the advantages of high energy density, high efficiency, no limitation by energy storage cycle and geological conditions, suitability for various power stations, environmental friendliness, capability of recovering intermediate-temperature and low-temperature waste heat and the like.