A combined cold and power system with 10 MW compressed air energy storage and integrated refrigeration (CCR) is proposed. In traditional 10 MW compressed air energy storage (CAES) system, outlet pressure of air tank is throttled to a low pressure by throttling device. In CCR system, the throttling device is replaced by a piston turbine to achieve control of pressure and mass flow. Meanwhile, pressure potential energy of compressed air is converted to mechanical work, which is used to drive refrigeration subsystem. The dynamic mathematic model of proposed CCR system is built up. According to energy and exergy analysis of the whole dynamic process, it is confirmed that the proposed model obeys the first and second laws of thermodynamics. The optimal solution for T23 and γAC are calculated to be 259.6896 K and 1.2335, respectively. The Pareto frontier of multi-objective optimization of energy and exergy efficiencies are conducted. Energy efficiency of proposed CCR system is higher than that of CAES system by at least 32.8 %. The electrical efficiency of proposed CCR system is also higher than that of CAES system. It suggests that the pressure potential energy wasted in the throttle process is well utilized by the piston turbine in CCR system.