Abstract: Compressed Air Energy Storage (CAES), as a large-scale, long-duration physical energy storage technology, offers significant advantages such as a long operational lifespan, large storage capacity, and rapid response. It plays a key role in improving energy utilization efficiency, mitigating the fluctuations of renewable energy, and enhancing the safety and economic performance of power systems. As such, CAES is a strategic emerging industry that is being vigorously developed in China. Based on the analysis of CAES-related literature from 1985 to 2023 in the CNKI and Web of Science databases, this study utilizes VOSviewer, CiteSpace scientific knowledge mapping software, and Origin software to review the research background of underground CAES and comprehensively analyze its scientific production, research hotspots, and evolutionary trends.The study covers various storage methods, ranging from salt cavern and artificial chamber to abandoned mine, revealing the current development status and future directions of underground CAES. Results indicate that under the impetus of the “dual carbon” goals and the modernization of the national energy layout, underground CAES is experiencing rapid development, with new storage methods emerging, including salt cavern, artificial chamber, abandoned mine, depleted oil and gas reservoirs, and underground aquifers. Research hotspots primarily focus on three storage methods: salt cavern, artificial chamber and abandoned mine. Salt cavern storage, due to its low permeability, excellent rheological properties, and self-healing capabilities, has become a global focal point. Artificial chamber are gaining attention for their strong sealing and pressure-bearing capacity, although their high construction costs and technical challenges remain significant barriers. Abandoned mine, characterized by abundant resources, wide distribution, and low cost, present a promising storage solution, but critical issues regarding airtightness and stability still require breakthroughs. From the perspective of scientific networks, China’s underground CAES research teams have achieved significant international influence. However, collaborations among scholars remain largely confined to the same institution or research group, highlighting the need to strengthen inter-institutional cooperation. Moving forward, it is essential to enhance academic collaboration networks and promote interdisciplinary research to accelerate technological innovation and application. On the policy front, China has gradually established a policy framework to support the development of CAES, with related incentives expected to further drive the large-scale development of underground CAES. Overall, CAES technology is poised to play an indispensable role in optimizing the energy structure, enhancing energy storage capacity, ensuring energy security, and achieving the “dual carbon” goals.