This study focused on exergo–conomic and parametric analysis for Taji station in Baghdad. This station was chosen to reduce the emission of waste gases that pollute the environment, as it is located in a residential area, and to increase the production of electric power, since for a long time, Iraq has been a country that has suffered from a shortage of electricity. The main objective of this work is to integrate the Taji gas turbine’s power plant, which is in Baghdad, with the Rankine cycle and organic Rankine cycle to verify waste heat recovery to produce extra electricity and reduce emissions into the environment. Thermodynamic and exergoeconomic assessment of the combined Brayton cycle–Rankine cycle/Organic Rankin cycle (GSO CC) system, considering the three objective functions of the First- and Second-Law efficiencies and the total cost rates of the system, were applied. According to the findings, 258.2 MW of power is produced from the GSO CC system, whereas 167.3 MW of power is created for the Brayton cycle (BC) under the optimum operating conditions. It was demonstrated that the overall energy and exergy efficiencies, respectively, are 44.37% and 42.84% for the GSO CC system, while they are 28.74% and 27.75%, respectively, for the Brayton cycle. The findings indicate that the combustion chamber has the highest exergy degradation rate. The exergo–economic factor for the entire cycle is 37%, demonstrating that the cost of exergy destruction exceeds the cost of capital investment. Moreover, the cost of the energy produced by the GSO CC system is USD 9.03/MWh, whereas it is USD 8.24/MWh for BC. The results also indicate that the network of the GSO CC system decreases as the pressure ratio increases. Nonetheless, the GSO CC system’s efficiencies and costs increase with a rise in the pressure ratio until they reach a maximum and then decrease with further pressure ratio increases. The increase in the gas turbine inlet temperature and isentropic efficiency of the air compressor and gas turbine enhances the thermodynamic performance of the system; however, a further increase in these parameters increases the overall cost rates.