Abstract: In order to recovery low temperature waste heat in a more useful way, a novel ammonia-water power and cooling cogeneration system was proposed and investigated. The system which was based on Goswami power/cooling cogeneration system can improve the refrigerating capacity by coupling the ammonia absorption-ejector refrigeration, and it can also continuously adjust the cooling-to-power ratio only by changing the split ratio. A mathematical model was developed to simulate the system performance and the results show that the combined thermal efficiency is 12.16% and the combined exergy efficiency is 19.05%, under the given condition, respectively. The exergy destruction mainly occurs in the recovery heat exchanger, rectifier and boiler. Parametric study shows that the absorber temperature, cycle highest pressure, ammonia vapor temperature at boiler outlet, cycle lowest pressure and separate ratio have significant effects on the net work output, total refrigeration output, combined thermal efficiency and combined exergy efficiency.