With the rapid development of economy, social and economic demand for energy is also increasing, energy conservation and emission reduction has become the focus of macro-control. Economic development can not be established on the basis of a large amount of consumption of resources, the establishment of a conservation oriented economic growth model, economic growth should be based on saving resources and protecting the environment. This paper discusses the recovery and utilization of waste heat from boiler flue gas, waste water and steam condensate, and puts forward the measures for optimization and energy-saving transformation of thermal power system.