This paper investigates and optimizes an innovative compressed air energy storage (CAES) system using a constant pressure tank. The study aims to maximize air energy utilization, minimize exergy destruction, enhance production capacity, and optimize system performance while efficiently recovering waste heat. The system stores 209 MWh of excess power from the grid as compressed air and heat during off-peak times and uses it to produce 137 MWh of electrical power during peak demand periods. The system demonstrates superior performance compared to conventional storage methods, with a total electrical efficiency of 65.63%, a round-trip efficiency of 68.28%, and an exergy round-trip efficiency of 66.01%. The total cost of the system is 21.15 S/GJ, and the levelized cost of electricity is 190.4 S/MWh, with a payback period of approximately 5.11 years and a final profit of around 440 million. The paper also discusses the advantages of using constant pressure tanks over constant volume tanks, including higher power production, reduced storage volume, and increased energy storage density. The system's performance is evaluated through energy, exergy, economic, and exergoeconomic analyses, and multi-criteria optimization is performed using artificial neural networks and genetic algorithms to determine the optimal operational conditions. The results show that the system's exergy destruction is primarily caused by high-temperature energy storage systems, with a total exergy destruction of 51.55 MWh. The economic analysis indicates that the system is economically viable, with a payback period of 5.11 years and a final profit of 40.02 million.This paper investigates and optimizes an innovative compressed air energy storage (CAES) system using a constant pressure tank. The study aims to maximize air energy utilization, minimize exergy destruction, enhance production capacity, and optimize system performance while efficiently recovering waste heat. The system stores 209 MWh of excess power from the grid as compressed air and heat during off-peak times and uses it to produce 137 MWh of electrical power during peak demand periods. The system demonstrates superior performance compared to conventional storage methods, with a total electrical efficiency of 65.63%, a round-trip efficiency of 68.28%, and an exergy round-trip efficiency of 66.01%. The total cost of the system is 21.15 S/GJ, and the levelized cost of electricity is 190.4 S/MWh, with a payback period of approximately 5.11 years and a final profit of around 440 million. The paper also discusses the advantages of using constant pressure tanks over constant volume tanks, including higher power production, reduced storage volume, and increased energy storage density. The system's performance is evaluated through energy, exergy, economic, and exergoeconomic analyses, and multi-criteria optimization is performed using artificial neural networks and genetic algorithms to determine the optimal operational conditions. The results show that the system's exergy destruction is primarily caused by high-temperature energy storage systems, with a total exergy destruction of 51.55 MWh. The economic analysis indicates that the system is economically viable, with a payback period of 5.11 years and a final profit of 40.02 million.