Combined power and refrigeration cycles have been explored for improving their overall energy conversion efficiency and decreasing the cost of energy produced. Bottoming cycles can be used to recover the waste heat or exhaust heat of gas turbines and conventional steam Rankine cycles and convert it to work and/or refrigeration. In most applications, refrigeration is the more expensive product than power because it requires refrigeration equipment as well as power to produce conventional refrigeration. Therefore, the additional output of refrigeration by the combined cycle provides greater benefit than conventional power systems. This paper presents a review of combined power and cooling cycles for effective utilization of heat sources.