Abstract: Miniature advanced adiabatic compressed air energy storage (AA-CAES) technology is an efficient and feasible solution to improve the absorption efficiency of renewable energy and reduce the problem of "wind and light abandonment" in power system. A thermodynamic model of miniature AA-CAES system was built on the Matlab/Simulink platform. The actual operation data of a 500 kW energy storage power station were taken as the design parameters, while the charging and discharging efficiency, thermal efficiency, overall energy efficiency, exergy efficiency and energy storage density of the system were taken as the performance indexes for thermodynamic analysis. The sensitivity analysis of three key parameters, such as air moisture content, ambient temperature and turbine expander inlet temperature was carried out. Results show that under design parameters, the charging and discharging efficiency of the system is 38.60%, thermal efficiency is 41.76%, overall energy efficiency is 74.19%, exergy efficiency is 39.49%, and energy storage density is 4.68 kW·h/m³. An increase in air moisture content leads to an increase in charging and discharging efficiency, overall energy efficiency and energy storage density, while the thermal efficiency and exergy efficiency decrease. An increase in ambient temperature can improve the overall energy efficiency, but it leads to a decrease in charging and discharging efficiency, thermal efficiency and energy storage density, while the exergy efficiency changes little and remains basically constant. An increase in the inlet temperature of the turbine expander results in an increase in charging and discharging efficiency, thermal efficiency, exergy efficiency, overall energy efficiency and energy storage density. This study provides a theoretical basis for the optimization and control of AA-CAES system.