Abstract: Objective Driven by the “dual-carbon” targets, underground lined caverns for compressed air energy storage (CAES) are required to withstand ultra-high internal pressures and frequent start–stop cyclic operations under complex geological conditions. Long-term high pressure and cyclic loading can induce damage accumulation in the surrounding rock and cracking in the lining, resulting in load redistribution and degradation of gas tightness. Conventional continuum-based methods have difficulty in simultaneously capturing discontinuous crack evolution and the mechanical interaction among multilayer structural components. To address these limitations, this study proposes an integral structural analysis method based on the cohesive zone model (CZM) to elucidate the collaborative bearing mechanism of the ternary sealing system composed of surrounding rock, concrete lining, and corrugated steel liner. Methods Taking a 100-MW-scale CAES project in Northwest China as a case study, a finite–discrete element coupled numerical model was established, incorporating surrounding rock, primary support, secondary lining, corrugated steel liner, and rubber cushion layer. Cohesive elements were embedded in the secondary lining to simulate the complete cracking process from initiation and propagation to full penetration. Key CZM parameters, including fracture energy, peak traction, and interface stiffness, were calibrated through numerical uniaxial compression and tensile tests. Full-process simulations were conducted for excavation, pressurization up to 10 MPa, and short-term daily cyclic operating conditions. Results Under the maximum internal pressure, the deformation pattern of the surrounding rock shifted from sidewall convergence during excavation to overall outward expansion at the cavern bottom, with displacement reversing from −8.62 mm to +9.15 mm. The plastic damage depth increased irreversibly from approximately 1.2 m to 3.16 m. Cracking of the secondary lining initiated at about 4.1 MPa, and a fully circumferential, multi-stage secondary tensile–shear crack network developed at 10 MPa. The equivalent stress of reinforcing bars at crack locations increased abruptly and exceeded 400 MPa, reaching yielding, with the inner reinforcement ring being more critically affected. The corrugated steel liner remained in the elastic range, exhibiting a cyclic stress amplitude of approximately 150 MPa, which is lower than the allowable fatigue stress amplitude. During short-term cyclic loading, crack propagation was most pronounced in the first cycle, with a maximum crack width of about 1.09 mm, while the propagation rate decreased significantly and tended to stabilize after three cycles.Conclusion The proposed method enables the simultaneous characterization of surrounding rock damage, discrete lining cracking, and stress evolution of the sealing layer, providing a reliable basis for optimizing crack-control reinforcement design, evaluating the fatigue resistance of the sealing system, and assessing operational safety. From an engineering perspective, particular attention should be paid to crack control near the invert and drainage structures, strengthening the inner reinforcement ring and reducing crack-induced stress amplitude fluctuations to enhance long-term gas-tightness safety. Due to computational limitations, thermal effects, bond–slip behavior of reinforcement, and long-term cyclic loading were not considered in this study; future work should focus on multi-field coupled analyses and long-term operational verification.