A novel combined cooling and power system, the dual-pressure Kalina cycle-absorption refrigeration (DPKC-AR-CCP), is proposed for the cascade utilization of waste heat from high-temperature flue gas and jacket water from internal combustion engines. A pneumatic booster pump unit is employed to increase the inlet pressure of the low-pressure expander, with heat generated during the compression process utilized for preheating the ammonia/water mixture, and exhaust gas from the low-pressure expander is combined with driving gas for absorption refrigeration. By integrating the first and second laws of thermodynamics with the SPECO Methodology, models for energy, exergy, exergoeconomy, economy, and environment of the DPKC-AR-CCP system are developed. A multi-objective optimization model is formulated with maximum exergy efficiency, minimum total exergy cost rate, and maximum annual equivalent carbon dioxide (CO2) emission reduction as objective functions. MATLAB software (combined with REFPROP software) is utilized for simulation and multi-objective optimization. The performance of each component under specific conditions is assessed, and a comparison with the simple absorption refrigeration/Kalina cogeneration system (AR/KC) highlights the advantages of the DPKC-AR-CCP system; an investigation into the effects of different operating parameters on performance is conducted. The results indicate that, under identical operational parameters, the DPKC-AR-CCP system exhibits a substantial increase in net output power (230.2 %), cooling capacity (98.7 %), and exergy efficiency (148.8 %) compared to the simple AR/KC system; payback period is reduced by 64.8 %; and annual equivalent CO2 emissions are decreased by 202.2 %. However, there is an increase in the total exergy cost rate by 90.5 %. The optimal concentration of ammonia/water is determined to be 0.816/0.184, with a heat exchanger outlet temperature of 341.07 K, driving pressure of 0.654 MPa, and low-pressure expander inlet pressure of 5.064 MPa. Correspondingly, the optimal exergy efficiency is 87.2 %, the annual reduction in CO2 emissions is 5.53 × 107 kg, and the total exergy cost rate is 288.48$/h.