Utilizing energy storage in depleted oil and gas reservoirs can improve productivity while reducing power costs and is one of the best ways to achieve synergistic development of "Carbon Peak–Carbon Neutral" and "Underground Resource Utilization". Starting from the development of Compressed Air Energy Storage (CAES) technology, the site selection of CAES in depleted gas and oil reservoirs, the evolution mechanism of reservoir dynamic sealing, and the high-flow CAES and injection technology are summarized. It focuses on analyzing the characteristics, key equipment, reservoir construction, application scenarios and cost analysis of CAES projects, and sorting out the technical key points and existing difficulties. The development trend of CAES technology is proposed, and the future development path is scrutinized to provide reference for the research of CAES projects in depleted oil and gas reservoirs.Graphical abstract

Compressed air energy storage (CAES) has emerged as a grid‐scale energy storage linchpin, providing diurnal‐to‐seasonal timescale energy buffering for renewable power integration. Diverging from conventional salt cavern‐dependent approaches, artificial cavern‐based CAES unlocks geographical adaptability through engineered underground containment. This study systematically reviews critical technologies in chamber construction, including site selection, structural design, excavation methods, and post‐construction evaluation. Site selection employs a multi‐criteria matrix that combines geological and environmental factors. Structural design integrates spatial layout, burial depth, sealing system, and component compatibility to ensure chamber stability. Excavation prioritizes controlled blasting for homogeneous rock, while a tunnel boring machine is deployed in fractured zones to preserve integrity. Post‐construction assessments validate load‐bearing capacity, sealing performance, and operational readiness, supported by data‐driven maintenance strategies. Ongoing challenges include site‐specific geological risks, sealing system durability under cyclic loading, equipment integration, field‐scale validation, standardization gaps, and cost‐efficiency optimization. These innovations will establish best practices for building large‐scale, high‐efficiency CAES plants with ultra‐long duration and grid resilience, accelerating the transition to carbon‐neutral power systems.