There are a large number of abandoned oil and gas wells and corresponding depleted oil/gas reservoirs (DOGR) throughout the world, which are recognized as one of the best geological formations of saline aquifers for thermal energy storage and CO2 sequestration and however, the lack of innovative technique limits the efficient use of underground storage space. Here a novel scheme of storing solar thermal energy and concomitantly sequestrating CO2 in DOGR for renewable energy heating is proposed, which uses CO2 as thermal energy storage working fluid. The process of thermal energy storage and release as well as CO2 sequestration in DOGR are simulated, and thermal performance and CO2 dissolution in DOGR are analyzed. The results for twenty years of operation show that the thermal recovery efficiency reaches up to 82.93 %, which is 76 % higher than the traditional high temperature aquifer thermal energy storage. Energy storage capacity per heating season, energy storage density per unit volume of underground space and energy efficiency are respectively 57,222.27 GJ, 22,943.01 kJ/m3 and 96.19 %. Furthermore, the dissolved CO2 during thermal energy storage and extraction is 54.76 % larger than that of mere CO2 sequestration due to the repeated expansion and contraction of gas and water interface caused by the periodically injection and extraction of CO2, indicating that energy storage accelerates CO2 sequestration. To sum up, the new scheme is a high value-added technical route for solar thermal energy storage and CO2 sequestration as well as renewable energy heating.