Coastal cities can generate electricity via wind and solar farms. However, the variable nature of these renewable sources makes power output fluctuate. Compressed air energy storage (CAES) is the best solution to address this issue. On the other hand, the challenge of providing potable water persists, even in coastal cities, despite the proximity to the sea. Therefore, reverse osmosis (RO) technology has been used to address this issue due to its reduced energy consumption and environmental impact. The waste heat from the CAES is recommended to increase the system's overall efficiency. In this regard, an innovative green hybrid multi-generation system based on a CAES is proposed. The organic Rankine cycle ORC and RO desalination system have been used in this system to recover waste heat and supply potable and domestic hot water. A comprehensive analysis of the proposed system includes energy, exergy, economic, exergoeconomic, and advanced exergy analyses. The findings indicate this system can produce 37.48 MWh of electricity, 19.42 kg/s of potable water, and 2.67 kg/s of domestic hot water. Furthermore, with a total profit of $ 24.54 M and a payback period of 3.3 years, this system's energy and exergy round trip efficiencies are 73.54 % and 55.01 %, respectively. According to the advanced exergy analysis of the system, 31.5 % of the total exergy destruction is avoidable.