The cyclic injection and production of fluids into and from underground gas storage (UGS) may lead to caprock failure, such as capillary sealing failure, hydraulic fracturing, shear failure, and fault slipping or dilation. The dynamic sealing capacity of a caprock-fault system is a critical constraint for safe operation, and is a key factor in determining the maximum operating pressure (MOP). This study proposed an efficient semi-analytical method for calculating changes in the in situ stress within the caprock. Next, the parameters of dynamic pore pressure, in situ stresses, and deformations obtained from reservoir simulations and geomechanical modeling were used for inputs for the analytical solution. Based on the calculated results, an experimental scheme for the coupled cyclic stress-permeability testing of caprock was designed. The stability analysis indicated that the caprock was not prone to fatigue shear failure under the current injection and production strategy, supported by the experimental results. The experimental results further reveal that the sealing capacity of caprock plugs may remain stable. This phenomenon is attributed to cyclic stress causing pore connectivity and microcrack initiation in certain plugs, while leading to pore compaction in others. A comparison between the dynamic pore pressure and the minimum principal stress suggests that the risk of tensile failure is extremely low. Furthermore, although the faults remain stable under the current injection and production strategies, the continuous increase in injection pressure may lead to an increased tendency for fault slip and dilation, which can cause fault slip ultimately. The MOPs corresponding to each failure mode were calculated. The minimum value of approximately 36.5 MPa at capillary sealing failure indicated that the gas breakthrough in the caprock occurred earlier than rock failure. Therefore, this minimum value can be used as the MOP for the target UGS. (c) 2025 Institute of Rock and Soil Mechanics, Chinese Academy of Sciences. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/ 4.0/).