<p>Confronting the dual crises of energy supply-demand imbalances and climate change, carbon neutrality emerges as a vital strategy for China in mitigating resource and environmental constraints, while fostering technological advancement and sustainable growth. In the context of extensive hydrocarbon exploitation, the CO<sub>2</sub> storage capacity within depleted oil fields could be significantly underestimated in comparison to the prevalent practice of saline aquifer sequestration. In this study, we employ both theoretical and computational models to investigate the temporal (from microseconds to millennia) and spatial (spanning pore, Darcy, and hybrid scales) dynamics of CO<sub>2</sub> trapping mechanisms in post-depletion carbonate reservoir with fractured-vuggy systems. The multiscale storage efficiency factor is obtained from simulation results and substituted into the existing analytical models for calculating CO<sub>2</sub> storage volume in field cases, reappraising the carbon sequestration potential of fracture-vuggy carbonate. Drawing from comparative results, we discern that depleted carbonate can dissolve and mineralize more CO<sub>2</sub> than saline layer, despite the storage volume can be considerably less. The annual storage capacity per well of two geological systems are comparable. Under unfavorable geological conditions, the minimum unit storage capacity of carbonate reservoir exceeds that of saline aquifer. The study's discoveries offer fresh perspectives on reliable and efficient CO<sub>2</sub> geological storage, contributing to the reduction of atmospheric carbon emissions and advancing the utilization of underground resources and global energy transformation.</p>