AbstractAir separation processes are time‐consuming and energy‐intensive. Most of the energy used in air separation unit (ASU) is used for air compression. During the air compression process, some energy is lost, which is converted into waste heat. This wasted energy is used to warm liquefied natural gas (LNG). At some point, LNG ships will dock at an LNG regasification facility. Here, LNG is converted back to gas and supplied to the distribution and transmission systems. During the regasification process, cryogenic LNG has a huge opportunity for cold energy recovery. An innovative air separation process that is integrated with the cold utilization of LNG is presented in this study along with a thorough conceptual design and analysis. The results of this study show that producing high‐purity oxygen and nitrogen, respectively, requires 0.28 kWh kg−1 and 0.06 kWh kg−1 of specific energies. Prior to integration with cold utilization of natural gas, 25 141.6 kW is needed for air compression. However, following integration, 10 554.6 kW of energy is needed, resulting in a 58.01 % energy savings. Exergy destruction as well as efficiency have been calculated for the primary components of the system. Sensitivity analysis is carried out to examine the effects of LNG streams on important parameters. In conclusion, a cryogenic ASU is integrated with an LNG‐direct expansion cycle‐organic Rankine cycle power cycle to supply the necessary power for operation and reduce extraneous power inputs. Overall, this integrated approach increases efficiency, lowers costs, benefits the environment, allows for flexibility and adaptability, and raises system dependability.