Abstract: Gas turbine combined cooling, heating and power（CCHP） technology has excellent development and application prospects. However, there are many problems such as low efficiency in partial load operation, strong coupling of thermal-electrical output and inflexible regulation of thermoelectric ratio etc. To solve these problems, a novel CCHP system based on gas turbine and constant-pressure compressed air energy storage（CAES） was developed. The thermodynamic models of components such as the compressor, combustion chambers, turbine, waste heat boiler, heat exchanger, injector and water pumps/turbine, were developed and used to analyze the operational characteristics of the CCHP system under an extraction-release gas flow regulation strategy. Results show that when the extraction-release coefficient is between 0 and 0.2, the CCHP system has a thermoelectric ratio regulating range of 0.58-2.27. During the variable load operation process, the primary energy utilization rate of the CCHP system changes within the range of 58.1%-59.5%, and the exergy efficiency is no less than 32.2%. For the developed CCHP system, the high comprehensive energy efficient and flexibility can be achieved under wide operating conditions.