Carbon capture, utilization and storage (CCUS), a water resource-intensive technology, has been projected to be restricted by water resources in the future. However, the water-saving effects resulting from technology progress and CO2-Enhanced water recovery (CO2-EWR) process are not been fully considered. Based on the learning curve theory, this study proposes a new water accounting system for CCUS retrofitting of coal-fired power plants (CFPPs) from a dynamic perspective considering power generation, carbon capture, and CO2-EWR technology. The results show that the total water withdrawal per unit of CCUS retrofitting with the first-generation capture technology will decrease by 66.89 %, and the total water consumption per unit of that will decrease by 74.70 % from 2021 to 2050. By contrast, the water withdrawal and consumption per unit with the second-generation capture technology will decrease by 74.12 % and 82.51 %, with the overall unit water consumption below 0.5 m3/MWh. Moreover, the water usage caused by CCUS retrofitting will be greatly relieved through the progress of geological sequestration technology (especially the CO2-EWR). In addition, the water usage during the capture process for circulation cooling and air-cooling would present an “inverted U” shaped trend affected by the capture scale and technology progress. Remarkably, the water withdrawal and consumption intensity of CFPPs with air-cooling technology is significantly lower than those of the circulation cooling technology for power generation, while the opposite happens if the capture technology is applied. Even so, CCUS retrofitting for the CFPPs with air-cooling technology can save 60 × 104 m3 of water resource after 2040, which is positive for the CCUS deployment in the arid areas of China.