Compressed air energy storage technology is considered to be the most promising energy storage technology, but it has not been applied commercially on a large scale, partly because of the low system efficiency, with the existing efficiency being about 70%. To improve the round trip efficiency of the system, this paper proposes a supplementary combustion compressed air energy storage system based on adiabatic compressed air energy storage. The system adds supplementary combustion equipment to increase expansion machines’ inlet air temperature by burning fuels such as syngas, hydrogen, and natural gas to increase the power generation of the system. The thermodynamic performance analysis has been conducted through the thermodynamic model of the system, and the effects of parameters such as compressor discharge temperature, supplementary combustion, and air-fuel ratio on the system performance have been further investigated. The research results show that the efficiency of the system is improved by nearly 6% compared with the conventional adiabatic compressed air energy storage system. Meanwhile, the system’s round-trip efficiency can be further increased by appropriately raising the compressor discharge temperature and supplemental combustion quantity.