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This research conducted a study specially to systematically analyze combined recovery of exhaust gas and engine coolant and related influence mechanism, including a detailed theoretical study and an assistant experimental study. In this research, CO 2 -based transcritical Rankine cycle (CTRC) was used for fully combining the wastes heats. The main objective of theoretical research was to search an 'ideal point' of the recovery system and related influence mechanism, which was defined as operating condition of complete recovery of two waste heats. The theoretical methodology of this study could also provide a design reference for effective combined recovery of two or multiple waste heats in other fields. Based on a kW-class preheated CTRC prototype that was designed by the 'ideal point' method, an experimental study was conducted to verify combined utilization degree of two engine waste heats by the CTRC system. The operating results showed that the prototype can gain 44.4-49.8 kW and 22.7-26.7 kW heat absorption from exhaust gas and engine coolant, respectively. To direct practical operation, an experimental optimization work on the operating process was conducted for complete recovery of engine coolant exactly, which avoided deficient or excessive recovery.