Compressed　Air　Energy　Storage　(CAES)　is　an　effective　solution　to　the　problems　of　the　intermittency　and　volatility　of　renewable　energy.　However,　the　process　of　compressing　air　consumes　energy　and　converts　it　into　low-temperature　waste　heat,　limiting　the　improvement　of　round-trip　efficiency.　This　paper　introduces　the　dual-pressure　evaporation　organic　Rankine　cycle　(ORC)　to　recover　the　waste　heat　from　the　CAES　system　compression　process,　which　enhances　the　round-trip　efficiency.　Optimal　working　fluids　and　design　schemes　of　parallel　and　series　dual-pressure　evaporation　ORCs　are　analyzed.　The　thermodynamic　performance　of　two　cycle　types　is　compared.　The　exergy　loss　distribution　characteristics　of　the　dual-pressure　evaporation　ORC　are　explored,　and　the　impact　on　the　round-trip　efficiency　of　the　CAES　system　is　evaluated.　Results　show　that　the　parallel　dual-pressure　evaporation　ORC　has　better　performance　with　an　optimum　working　fluid　of　R1234yf　and　a　maximum　waste　heat　conversion　efficiency　of　9.3　%.　The　round-trip　efficiency　of　the　CAES　system　will　be　relatively　increased　by　5.2　%　by　introducing　the　parallel　dual-pressure　evaporation　ORC.　The　maximum　exergy　efficiency　of　the　parallel　dual-pressure　evaporation　ORC　is　52.8%,　and　the　condenser　and　low-pressure　stage　expander　have　larger　exergy　losses,　accounting　for　33.8　%　and　22.0　%　of　the　total　losses,　respectively.