The invention discloses a compressed air water pumping energy storage system. The compressed air water pumping energy storage system comprises an air compression unit, an air expansion pressure stabilizing unit, a hydraulic turbine set, a pumping unit, a high-pressure air storage tank, a medium-pressure air storage tank, a high-pressure water storage tank and a normal-pressure water storage tank, wherein the medium-pressure air storage tank, the air compression unit and the high-pressure air storage tank are connected in sequence so as to form an energy storage channel; the high-pressure air storage tank, the air expansion pressure stabilizing unit, the high-pressure water storage tank, the hydraulic turbine set and the normal-pressure water storage tank are connected in sequence so as to form an energy releasing channel; and the normal-pressure water storage tank, the pumping unit and the high-pressure water storage tank are connected in sequence so as to form a water return channel. According to the compressed air water pumping energy storage system, the air storage tanks are used as air storage containers, so that the problem of difficulty in site selection of underground caverns of a traditional compressed air energy storage system is avoided, high-position water is replaced with high-pressure water, and the gravity head of water is replaced with the pressure head of water, so that the dependence of a traditional water pumping energy storage power station on the ground potential difference is eliminated.