Abstract: To further improve the efficiency and supply flexibility of compressed air energy storage (CAES), a novel combined cooling-heating-power (CCHP) system integrating CAES and enhanced geothermal system is proposed based on the law of energy cascade utilization. The thermodynamic models of each component within the system are established. The impacts of crucial parameters on the thermodynamic performance of the system are investigated. The multi-objective optimization is carried out to pursue the optimal Pareto fronts of exergy efficiency and total investment cost per total output energy. The results indicate that the expander and heat exchanger are the two key components in the system, and the thermodynamic performance of the above two components could improve the performance of the system significantly. Finally, the optimum exergy efficiency of the system is 55.73%, and the best total investment cost per total output energy is 6378.94 yuan/kW. The optimum values of energy efficiency and energy saving ratio are 6.1% and 10.68%, respectively, which are higher than those of values under design condition.