In the view of energy balance,exergie balance and energy level balance,two indices—equivalent energy level drop(δΩ)and equivalent absolute temperature(T_(eq)) are proposed in order to evaluate the waste heat utilization system.The more decrease the δΩ and the more increase the T_(eq),the better the waste heat utilization system.This paper takes a waste heat utilization of rolling heating furnace for example and makes a comparison among three programs.