Exergy analysis is one of the modern analysis tools that can be utilized for developing, evaluating, understanding, and improving energy conversion systems. Conventional exergy analysis identifies the sources, magnitude and location of thermodynamic inefficiencies of a system, which can give the appropriate information for improving the overall efficiency of the system. However, conventional analysis cannot reveal interactions among the components of the plant or estimate the real potential for system development and further improvement. An advanced exergy analysis can significantly reduce the most important limitations of a conventional analysis. This study focuses on thermodynamic analysis and evaluation of an ORC for waste heat recovery. Conventional and advanced exergy analysis were applied to evaluate this system. The ORC system model was built in MATLAB and validated against reported system operation data. The results obtained from the conventional and advanced exergy analysis show different priorities for improving the overall system. Advanced exergy analysis also reveals that the interactions among the ORC system components are not significant. This conclusion is very helpful to developing the strategy of optimizations, particularly multi-criteria optimization.