Since the temperature of waste heat source is relatively low, it is difficult to maintain high level of efficiency in power generation when the waste heat recovery is employed in the system. In an effort to improve the thermal efficiency and power output, use of ammonia-water mixture as a working fluid in the power cycle becomes a viable option. In this work, the performance of ammonia-water mixture based Rankine cycle is thoroughly investigated in order to maximize the power generation from the low temperature waste heat. In analyzing the power cycle, several key system parameters such as mass fraction of ammonia in the mixture and turbine inlet pressure are studied to examine their effects on the system performance. The results of the cycle analysis find a substantial increase both in power output and thermal efficiency if the fraction of ammonia increases in the working fluid.