Compressed air energy storage in aquifers (CAESA) has been considered a potential large-scale energy storage technology. However, due to the lack of actual field tests, research on the underground processes is still in the stage of theoretical analysis and requires further understanding. In this study, the first kilometer depth compressed air injection-production field test with multiple flat aquifers is controlled. For all three production rates considered, the minimum pressure drop rate can reach 0.9 MPa/h. An actual wellbore-aquifer-coupled numerical model simulated by T2Well/EOS3 is verified using monitoring data. Due to the limitation imposed by the injection rate, air only flows into the top three sandstone aquifers to build air bubbles. During the production stage, air is first produced from the aquifers and then the air stored in the wellbore is gradually extracted due to the weakened air bubble support effect. Finally, an air-water two-phase occurs and the water level rises in the wellbore. Considering a hypothetical long-term cycle, the designed single aquifer scheme has a better underground performance. A concentrated and larger high air saturation domain can support a stable cycle pressure and above 95% underground efficiency. However, the wellhead pressure drops once water coning happens in the wellbore. With an air bubble replenishment scheme in each cycle, it becomes feasible to maintain stable pressure, ensuring a production pressure difference below 0.94 MPa without water production, over a 100-day cycle in the field. The results provide support for future practical engineering applications.