In　this　paper,　the　supercritical　carbon　dioxide　power　cycle　used　to　recover　the　waste　heat　of　gas　turbine　is　investigated　by　means　of　conventional　exergy　analysis　and　advanced　exergy　analysis.　Firstly,　the　thermodynamic　parameters　of　carbon　dioxide　cycle　in　design　stage　are　determined　by　single-objective　optimization　with　net　power　output　as　objective　function.　Then,　conventional　exergy　analysis　is　carried　out　on　the　partial　heating　cycle　under　real,　unavoidable　and　ideal　conditions.　After　that,　advanced　exergy　analysis,　in　which　the　exergy　destruction　is　divided　into　endogenous　/　exogenous　part　and　avoidable　/　unavoidable　part　is　adopted　to　reveal　the　improvement　potential　of　the　system　and　illustrate　the　interaction　among　the　components.　According　to　the　calculation　results,　a　total　amount　of　3.55MW　(47.33%)　exergy　destruction　could　be　reduced　by　the　improvement　of　component　efficiency.　Endogenous　exergy　destruction　is　higher　than　exogenous　exergy　destruction　in　all　components.　Based　on　the　results　of　conventional　exergy　analysis,　the　high-temperature　heater　should　be　paid　attention　in　order　to　reduce　exergy　destruction.　However,　according　to　the　results　of　advanced　exergy　analysis,　the　technical　improvement　of　turbine　should　be　emphasized　due　to　its　high　endogenous-avoidable　exergy　destruction.　Meanwhile,　for　the　components　with　high　unavoidable　exergy　destruction,　external　systems　should　be　employed　to　exploit　the　underutilized　energy　and　enhance　the　system　performance.　Copyright　©　2021　by　ASME.