To　improve　the　efficiency　of　the　shipborne　gas　turbine　and　reduce　the　temperature　of　exhaust　gas,　a　novel　waste　heat　recovery　cycle　composed　of　supercritical　carbon　dioxide　regenerator　Brayton　cycle　and　organic　flash　cycle　is　proposed,　in　which　the　supercritical　carbon　dioxide　recycles　the　high　temperature　exhaust　gas,　and　the　organic　flash　cycle　recovers　the　low　temperature　exhaust　gas.　Then,　thermodynamic　analysis　of　the　cycle　and　optimization　of　the　target　function　with　cyclic　net　power　are　conducted.　The　results　show　that　under　the　basic　conditions,　the　thermal　efficiency　and　enthalpy　efficiency　of　the　gas　turbine　after　the　waste　heat　recovery　cycle　are　up　to　50.4%　and　68.93%,　which　is　44%　and　43.6%　higher　than　that　of　the　stand-alone　gas　turbine　cycle,　respectively.　In　addition,　the　largest　value　of　exergy　loss　is　842.04　kW　in　the　condenser,　accounting　for　6%　of　the　system　total　exergy　value.　When　the　carbon　dioxide　compression　pressure　ratio　is　larger　and　the　terminal　temperature　difference　between　the　heater　1　and　heater　2　is　smaller,　the　organic　flash　cycle　evaporation　temperature　is　at　the　optimum　value,　and　the　net　power　of　the　cycle　is　the　largest.　The　largest　value　of　net　power　is　9　759.64　kW　and　the　final　temperature　of　exhaust　gas　can　be　reduced　to　177.6　when　using　p-xylene.　©　2019,　Editorial　Office　of　Journal　of　Xi＇an　Jiaotong　University.　All　right　reserved.