In this paper, a new combined power and refrigeration cycle is proposed, which combines the Rankin power cycle and the Ejector refrigeration cycle. This combined cycle produces both power output and refrigeration output simultaneously. This cycle is driven by the flue gas of gas turbines, industrial waste heats, solar energy and geothermal energy. An exergy analysis is performed to guide the thermodynamic improvement for this cycle and a parametric analysis is conducted to evaluate the effects of the thermodynamic parameters that are significant on the performance of the combined cycle. The results indicate that the biggest exergy loss is due to the irreversibilities. The ejector causes the most effect on exergy loss. It is also shown that the turbine inlet pressure, the turbine back pressure, the condenser temperature and the evaporator temperature have significant effects on the turbine power output and exergy efficiency of the combined cycle.