Two novel thermal cycles based on Brayton cycle and Rankine cycle are proposed, respectively, which integrate the recovery of low-level waste heat and Liquefied Nature Gas (LNG) cold energy utilization for power generation. Cascade utilization of energy is realized in the two thermal cycles, where low-level waste heat, low-temperature exergy and pressure exergy of LNG are utilized efficiently through the system synthesis. The simulations are carried out using the commercial Aspen Plus 10.2, and the results are analyzed. Compared with the conventional Brayton cycle and Rankine cycle, the two novel cycles bring 60.94% and 60% in exergy efficiency, respectively and 53.08% and 52.31% in thermal efficiency, respectively.