Compared with the basic organic and steam Rankine cycles, the organic trans-critical cycle (OTC), steam flash cycle (SFC) and steam dual-pressure cycle (SDC) can be regarded as the improved cycle configurations for the waste heat power recovery since they can achieve better temperature matching between the heat source and working fluid in the heat addition process. This study investigates and compares the thermodynamic performance of the OTC, SFC, and SDC based on the waste heat source from the cement kiln with an initial temperature of 320 °C and mass flow rate of 86.2 kg/s. The effects of the main parameters on the cycle performance are analyzed and the parameter optimization is performed with net power output as the objective function. Results indicate that the maximum net power output of SDC is slightly higher than that of SFC and the OTC using n-pentane provides a 19.74% increase in net power output over the SDC since it can achieve the higher use of waste heat and higher turbine efficiency. However, the turbine inlet temperature of the OTC is limited by the thermal stability of the organic working fluid, hence the SDC outputs more power than that of the OTC when the initial temperature of the exhaust gas exceeds 415 °C.