Coal and industrial waste heat synergetic utilization power generation system (the synergetic system) is proposed according to the energy cascade utilization principle. The industrial waste heat is used for feedwater heating of coal-fired power generation system to substitute steam extraction from steam turbine. The thermal performance of stand-alone waste heat power generation, stand-alone coal-fired power generation, and synergetic systems were studied, to compare the power generation capability of each system using heat balance method. The results show that the power generation capability of synergetic power generation system is larger than that of the two stand-alone systems. The equivalent and same grade waste heat synergized with higher-parameter, larger-capacity coal-fired power generation systems can generate more electricity than with the low-parameter ones; the high-parameter waste heat synergized with the higher-parameter and larger-capacity power generation systems can reach larger power generation capability. The multi-energy synergetic heating mode can greatly improve the comprehensive energy efficiency and reduce the coal consumption compared with the stand-alone energy heating mode.