In recent years, the treatment and reuse of wastewater have been widely of interest due to the severe shortage of water resources. As is well known, a huge amount of water is consumed in coal-fired power plants, especially for the circulation cooling system in a cooling tower. Therefore, research on the circulating cooling system and cooling tower blowdown water (CTBD) treatment is crucial. In this study, a computational model was established to study the treatment of CTBD by reverse osmosis (RO) and direct contact membrane distillation (DCMD). Recycled fresh water was used as a water supply for the cooling tower. The effects of the main operating parameters on the performances of the RO and DCMD with/without waste heat utilization were explored. The water-saving effects, energy consumption amounts, and economics of the three systems were analyzed comparatively. The results showed that better water-saving performance of the DCMD with waste heat utilization was achieved with a water-saving rate of 18.4% and that the energy consumption and cost were slightly lower than those of the RO. The lowest water treatment cost of the DCMD with waste heat utilization was 3.38 Ұ/m3. In addition, the effect of electricity price on the costs was studied. When the electricity price was higher than 0.31 Ұ/kWh, the DCMD with waste heat utilization was more economical.