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Waste incineration has become the main treatment method for urban household waste, and it can produce a large amount of electricity. The efficiency of waste incineration plants is reduced due to the large amount of waste heat carried away by the flue gas. Recycling and utilizing the waste heat from flue gas are important in improving the economic benefits of waste incineration, which is necessary for energy conservation and emission reduction. Based on the principle of cascade waste heat recovery from waste incineration flue gas whilst considering system safety and efficiency, this study proposed a new combination cascade waste heat recovery system consisting of a Rankine cycle, an organic Rankine cycle and a heat pump cycle. Thermodynamic and economic analyses of the combined system were conducted in detail. The results indicated that the energy efficiency of the combined system could reach up to 73%. The maximum net present value of the system was million USD 1.59 million, and the dynamic investment payback period was about 6.5 years. The isentropic efficiency of the combined system's pumps and turbines had a significant impact on the system's performance. A higher isentropic efficiency resulted in better system performance. The exergy analysis showed that the evaporator of the heat pump system had the highest irreversible loss. [ABSTRACT FROM AUTHOR]