This paper presents a thermal energy and Liquefied natural gas (LNG) cold energy hybrid power generation system. Performances of four different Organic Rankine cycle (ORC) configurations (the basic, the regenerative, the reheat and the regenerative-reheat ORCs) are studied based on the first and the second law of thermodynamics. Dry organic fluid R245fa is selected as the typical working fluid. Parameter analysis is also conducted in this paper. The results show that regeneration could not increase the thermal efficiency of the thermal and cold energy hybrid power generation system. ORC with the reheat process could produce more specific net power output but it may also reduce the system thermal efficiency. The basic and the regenerative ORCs produce higher thermal efficiency while the regenerative-reheat ORC performs best in the exergy efficiency. A preheater is necessary for the thermal and cold energy hybrid power generation system. And due to the presence of the preheater, there will be a step change of the system performance as the turbine inlet pressure rises.