Heat–power decoupling is a key issue to be addressed for the combined heat and power (CHP) unit to enhance its operational flexibility, and utilizing heat storage in district heating systems represents a viable approach. The widespread adoption of heat pumps to boost heating network also increases the complexity of managing heat storage, and the quantitative impact of heat storage has significant implications during operation. To this end, dynamic models of heating networks and heat pumps were developed. A metric, the maximum maintenance time, was established to quantitatively assess heat storage utilization. Dynamic simulations and performance analyses were conducted on a 330 MW CHP unit. The results indicate that by employing heat storage, the feasible maximum and minimum output power of the heating system can be increased by 20 MW and decreased by 45.5 MW, respectively. With the integration of a heat pump, these values can further increase by 9 MW and decrease by 158 MW, respectively, significantly enhancing the operational flexibility of CHP unit.