Waste heat generation, upgrading, and refrigeration are the fundamental ways to recover and utilize waste heat. The rationalizing the use of refrigerants also contribute in creating energy savings and minimizing carbon emissions. This study evaluated the thermodynamics, economics, and environmental of different types of refrigerants in three kinds of waste heat recovery schemes: generate electricity, heat pump, and refrigeration. Based on this, the entropy weight and Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) were combined to assess the overall performance of the refrigerants. A thorough analysis revealed that R1234ze(E) can replace R245fa and R123 in the organic rankine cycle (ORC). The best refrigerant for vapor compression refrigeration (VCR) and high temperature heat pump (HTHP) systems is R1243zf. In addition, the multi-objective decision analysis shows that the performance difference among the nine selected refrigerants is the total cost, followed by the environmental impact. The approach is successful in recognizing the variations between different refrigerants in the same waste heat recovery scheme and gives a thorough evaluation. It sets instructions for the future use of eco-friendly refrigerants and their application waste heat recovery schemes.