In a compressed air energy storage and power generation device, a compressed air energy storage and power generation method defines, as a reference storage value, a storage value indicating that a storage amount of air in an accumulator tank is in a predetermined intermediate state. At the reference storage value, at least one of a motor and a generator rotates at a rated rotation speed. When a storage value indicating a current storage amount in the accumulator tank is larger than the reference storage value, at least one of the motor and the generator is controlled to rotate at equal to or less than the rated rotation speed. When the storage value indicating the current storage amount in the accumulator tank is smaller than the reference storage value, at least one of the motor and the generator is controlled to rotate at equal to or more than the rated rotation speed and equal to or less than a maximum permissible rotation speed.