The Organic Rankine Cycle (ORC) is a promising form of technology for recovering low-grade waste heat. In this study, a regenerative ORC system is established to recover the waste flue gas of 160 °C. Focusing on thermodynamic and economic performance while simultaneously considering the limitations of volume flow ratio (VFR) and the effect of superheat, working fluid selection and parameter optimization have been investigated. The optimization of the evaporation temperature is carried out by analyzing the variation of net power output and specific investment cost (SIC). Then, the net power output, specific net power output, total exergy destruction rate, VFR, total capital cost, and levelized electricity cost (LEC) are selected as criteria, and a fuzzy multi-criteria evaluation method is adopted to select a more suitable working fluid and determine the optimal degree of superheat. In addition, the preheating coefficient, latent heat coefficient, superheating coefficient, and internal heat coefficient were proposed to explore the effect of working fluid critical temperature on thermal efficiency. Research studies demonstrate that there is an optimal evaporation temperature, maximizing net power output and minimizing the SIC. Isohexane and butane have greater specific net power output due to greater latent heat. A suitable degree of superheat is not only conducive to improving the working capacity of working fluids, but also reduces the VFR, total capital cost, SIC, and LEC for different working fluids. Thus, the system’s thermodynamic and economic performance—as well as the operational stability—are improved. Among the six working fluids, butane exhibits the best comprehensive performance, and its optimal evaporation temperature and degree of superheat are 100 °C and 5 °C, respectively.
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