Electric energy has been used for hundreds of years, and all this time its transmission, distribution and utilization has been supporting our social and economic life. But now we need to advocate environment-friendly energy production and consumption. Electrical energy storage is an important technology to complete the industry’s value chain and contribute to its restructuring, thus it plays a pivotal role in the mission of carbon neutrality. Compressed air energy storage is one of the most promising technologies in large-scale energy storage. This paper focuses on the research and development of compressed air energy storage, and summarizes the principle, current status and future development prospects of this technology.