The invention discloses a buried pipe ground source heat pump system and method using peak power for assisting cold/heat storage. A buried pipe heat exchanger and a ground source heat pump unit form a cold/heat source side ring loop I, an evaporator and a primary side of a heat exchanger I of the ground source heat pump unit form a heat exchange ring loop II, and a secondary side of the heat exchanger I and a user side form a ring loop III; the evaporator of the ground source heat pump unit and an energy storage water tank form a cold storage ring loop IV; the energy storage water tank and a primary side of a heat exchanger II form a cold/heat release ring loop V; a secondary side of the heat exchanger II and the user side form a ring loop VI; an electric heating device and the energy storage water tank form a heat source side ring loop VII; a condenser of the ground source heat pump unit and a floor heating pipe form a user side ring loop VIII. The system fully utilizes shallow geothermal energy, peak power and electrical energy storage technique, and realizes the most economical air conditioner running mode. The technique solves the problem of cold/heat energy unbalance of underground rock and earth masses of northern dwelling house projects, and can be used as a remedial measure for single heating ground source heat pump projects.