A parallel type organic Rankine cycle and ejector heat pump combined cycle with an external heat exchanger is proposed in this paper. The proposed system can recover all the condensing heat for the production of radiant heating water. And the system can adjust the thermoelectric ratio according to the actual needs of users by arranging the expander and the ejector in parallel. Energy analysis and exergy analysis mathematical models of the combined cycle are constructed. The thermal performance of the combined cycle is studied through parameter analysis and exergy analysis. The results show that heat recovery capacity, net power output, and exergy efficiency of the combined cycle are 60.83%, 4.62%, and 30.76% higher than the basic organic Rankine cycle, respectively. The component with the largest exergy destruction is the generator (85.07 kW). Reducing the working fluid ratio can increase the net power output efficiency and exergy efficiency of the combined cycle. And the applicable range of the working fluid flow ratio increases as the evaporating temperature decreases. The combined cycle has advantages in thermal performance and matching comprehensive energy demand.