With their high storage capacity and energy efficiency as well as the compatibilities with renewable energy sources, high‐temperature aquifer thermal energy storage (HT‐ATES) systems are frequently the target today in the design of temporally and spatially balanced and continuous energy supply systems. The inherent density‐driven buoyancy flow is of greater importance with HT‐ATES, which may lead to a lower thermal recovery efficiency than conventional low‐temperature ATES. In this study, the governing equations for HT‐ATES considering buoyancy flow are nondimensionalized, and four key dimensionless parameters regarding thermal recovery efficiency are determined. Then, using numerical simulations, recovery efficiency for a sweep of the key dimensionless parameters for multiple cycles and storage volumes is examined. Ranges of the key dimensionless parameters for the three displacement regimes, that is, a buoyancy‐dominated regime, a conduction‐dominated regime, and a transition regime, are identified. In the buoyancy‐dominated regime, recovery efficiency is mainly correlated to the ratio between the Rayleigh number and the Peclet number. In the conduction‐dominated regime, recovery efficiency is mainly correlated to the product of a material‐related parameter and the Peclet number. Multivariable regression functions are provided to estimate recovery efficiency using the dimensionless parameters. The recovery efficiency estimated by the regression function shows good agreement with the simulation results. Additionally, well screen designs for optimizing recovery efficiency at various degrees of intensity of buoyancy flow are investigated. The findings of this study can be used for a quick assessment and characterization of the potential HT‐ATES systems based on the geological and operational parameters.