The pressing need for environmental conservation and the reduction of toxic greenhouse gas emissions from conventional power generation systems have led to a growing interest in harnessing waste heat resources, particularly low-grade heat (LGH) sources abundant in various industries and commercial sectors. However, current conventional power cycle processes face limitations in efficiently utilizing these resources to their maximum potential. Trans-critical carbon dioxide, known for its numerous benefits, including low cost and availability, has emerged as an effective option for low-temperature processes. When used in conjunction with refrigeration, the combined power cycle of trans-critical carbon dioxide with an ammonia-water mixture has shown promising performance, surpassing standalone trans-critical carbon dioxide systems. This review article aims to provide a comprehensive and scholarly overview of the application areas and thermodynamic analysis of this innovative combined power cycle. By presenting valuable insights and evidence, this study seeks to support the development and expansion of this process as a sustainable and efficient solution for LGH utilization and environmentally responsible power generation. The result of the energy analysis shows that a maximum work output of 1982.31kJ/kg of inlet air to compressor is obtained for a first law efficiency and second law efficiency of 62.07%.