Hydrogen and thermal storage can reduce cost of long-term and large-scale energy storage with high efficiency and low or even zero carbon emissions. Their potential in the low-carbon transition pathway of an energy system with rapid growth of energy demand, large shifting of energy supply structure and limited investment budget remains unclear. A long-term power generation planning model is proposed in this paper, featuring detailed technical and economic characteristics of hydrogen and thermal storage. The power supply system of China is selected as a case study, due to its urgent need for low-carbon transition and complex spatial characteristics. Results show that the application of hydrogen and thermal storage can benefit the development of volatile renewable power generation technologies, facilitate the transition towards zero or even negative carbon emissions while simultaneously reducing power supply costs. Hydrogen is expected to be mainly produced in spring and consumed in summer while heat is expected to be primarily generated in autumn and consumed in winter. Shifting from thermal storage to hydrogen storage might happen around 2050 in accordance to the low-carbon transition progress.