Hybrid electric vehicles (HEVs) with low fuel consumption, low emissions, and long driving range are the ideal transition models between conventional fuel vehicles and pure electric vehicles. The growing demand for increased vehicle efficiency has motivated the introduction of waste heat recovery (WHR) technology in the automotive industry, with the organic Rankine cycle (ORC) as the most promising measure for recycling waste energy. Currently, only a few studies have been conducted to couple HEV and WHR systems. These studies have mainly focused on the hybrid powertrain control strategy, but lack quantitative methods to comprehensively analyze the fuel-saving potential due to the WHR system. In this study, an HEV-WHR integrated system that includes a mechanism-based dynamic model of ORC and a hybrid diesel-electric truck model is established. Further, a quantitative evaluation method that simultaneously considers the negative integrated effects (increased vehicle weight and increased exhaust back pressure) and the positive impact values of the engine, motor, and WHR system on the fuel-saving potential is proposed. Finally, the influence of two environmental factors (wind speed and ambient temperature) on the fuel-saving performance is analyzed. The results reveal that under the standard highway driving cycle (HWY), the negative integrated effects reduce the ideal fuel-saving potential of the HEV-WHR system from 6.10% to 5.42%. However, the optimized performances of the engine, motor, and WHR system improve the fuel-saving rate by 0.39%, 1.81%, and 3.22%, respectively. The results also indicate that the fuel-saving potential increases from 1.62% to 8.60% with increasing wind speed and decreases from 6.70% to 4.25% with increasing ambient temperature.