The integration and accommodation of the wind and solar energy pose great challenges on todays power system operation due to the intermittent nature and volatility of the wind and solar resources. High efficient large-scale electrical energy storage is one of the most effective and economical solutions to those problems. After the comprehensive review of the existing storage technologies, this paper proposes an overall design scheme for the Non-supplementary Fired Compressed Air Energy Storage (NFCAES) system, including system design, modeling and efficiency assessment, as well as protection and control. Especially, the design principles of the multistage regenerative, i.e. heat recovery system which is used to fully recycle and utilize the waste heat from compression are provided, so as the overall system efficiency evaluation method. This paper theoretically ascertains the storage decoupling rules in the potential and internal energy of molecular compressed air and reveals the conversion mechanism of gas, heat, power, electricity and other forms of energy. On this basis, a 500-kW physical simulation system of CAES system (TICC-500, Tsinghua-IPCCAS-CEPRI-CAES) is built, which passed a system-wide 420-kW load power generation test with less pollution and zero carbon emissions. Besides, the multi-form energy conversion of multi-stage regenerative CAES and storage efficiency is verified, especially its incomparable superiority in solving the uncertainty problem in wind and solar power generation. Finally, the propaganda and application scenario of the CAES system in China is introduced.