HT-ATES (high-temperature aquifer thermal energy storage) systems are a future option to shift large amounts of high-temperature excess heat from summer to winter using the deep underground. Among others, water-bearing reservoirs in former hydrocarbon formations show favorable storage conditions for HT-ATES locations. This study characterizes these reservoirs in the Upper Rhine Graben (URG) and quantifies their heat storage potential numerically. Assuming a doublet system with seasonal injection and production cycles, injection at 140 °C in a typical 70 °C reservoir leads to an annual storage capacity of up to 12 GWh and significant recovery efficiencies increasing up to 82% after ten years of operation. Our numerical modeling-based sensitivity analysis of operational conditions identifies the specific underground conditions as well as drilling configuration (horizontal/vertical) as the most influencing parameters. With about 90% of the investigated reservoirs in the URG transferable into HT-ATES, our analyses reveal a large storage potential of these well-explored oil fields. In summary, it points to a total storage capacity in depleted oil reservoirs of approximately 10 TWh a−1, which is a considerable portion of the thermal energy needs in this area.