Abstract: Aiming at the problem of insufficient power supply capacity of urban distribution networks, this paper designs a basic architecture of centralized-distributed hybrid compressed air energy storage（CAES） station. This architecture relies on the centralized advanced adiabatic compressed air energy storage（AA-CAES） station to establish distributed liquid air energy storage stations, which can use the advantages of a large-scale storage chamber of the AA-CAES station more effectively and extend the functionality of the AA-CAES station. Then, the operation model of the centralized-distributed hybrid CAES station is established. The model can accurately describe the energy circulation, conversion, storage and release mechanism in the process of air compression, liquefaction, storage, transportation, gasification, expansion and power generation in a hybrid CAES station.Based on the operation model of the hybrid CAES stations, combined with the theory of life cycle cost, this paper establishes the optimal planning and operation model of the hybrid CAES stations. The model also contains the constraints on the options such as the expansion of transmission lines, additional gas turbines and the installation of battery energy storage, so as to compare the economic benefits of installing hybrid CAES stations and other options. Finally, the effectiveness of the optimal planning and operation model is verified by numerical case simulation.