Current study represents the thermodynamic modeling and exergy analysis of a compressed air energy storage system boosted with thermoelectric generator (CAES/TEG). To evaluate the studied system, a comparative analysis between compressed air energy storage system (CAES) with CAES/TEG has been done. Exergy, a powerful tool for analyzing energy conversion systems, is employed to determine the exergy destruction rate and exergy efficiency of the system as well as different related components. The results of exergy analysis indicates that the wind turbine with 35.28 kW (44.81% of total exergy destruction rate) has the highest exergy destruction rate and after that in the second and third places are combustion chamber and cavern. Findings indicate that with adding thermoelectric modules to the CAES system, the output power of Rankine cycle and organic Rankine cycle increase about 1.16 kW and 0.959 kW in comparison with CAES system, which these changes lead to increasing the net output power of the system in CAES/TEG system from 33.59 kW to 35.71 kW compare with CAES. Moreover, the influences of main parameters such as compressor mass flow rate, compressor pressure ratio, and combustion chamber outlet temperature and wind speed on the CAES/TEG performance are investigated.