A regenerative compressed air energy storage system and a using method thereof. The system comprises a compressor unit, a high-temperature heat exchanger, a medium-temperature heat exchanger, an air storage chamber, a regulating valve, a medium-temperature regenerator, a high-temperature regenerator and an expander unit which are connected in sequence. The low-temperature side of the high-temperature heat exchanger, a high-temperature heat reservoir, a first valve, the high-temperature side of the high-temperature regenerator, a high-temperature cold reservoir and a second valve are connected in sequence. The low-temperature side of the medium-temperature heat exchanger, a medium-temperature heat reservoir, a third valve, the high-temperature side of the medium-temperature regenerator, a medium-temperature cold reservoir and a fourth valve are connected in sequence. A heating pipe inlet inside a compressor unit lubrication station communicates with the high-temperature cold reservoir through a high-temperature valve, and a heating pipe outlet communicates with of an intermediate cold reservoir.