To control the drastically changing environment, fossil fuels to sustainable resources transition are indispensable. Biomass has huge potential as sustainable power generation fuel, but the detailed investigation is needed to ensure the profitable usage of biomass. The principal aim of this study is to investigate the energy conservation opportunities in a biomassfuelled boiler. An extensive thermodynamics analysis (using energy and exergy mathematical models) of a rice husk-based fixed bed boiler has been conducted. Research has provided measures to optimise the operational parameters of the boiler. Energy and exergy pathways of the boiler have been critically analysed to trace the pivotal cause of losses and irreversibilities in the boiler. A robust parametric study has evaluated the impacts of excess air percentage, stack gas temperature, and stack gas oxygen content on the boiler performance. Cycle tempo software is used to trace the energy losses through the stack gas. Based upon recommended improvements, analysed boiler efficiency can be increased by 3-4% with minimum savings of 150,000 US$/year. It is concluded that rice husk is an environmental-friendly fuel and it has huge potential as sustainable cogeneration fuel. This comprehensive analysis has provided a framework for future studies to analyse the performance of any boiler.