The cumulative global capacity of organic Rankine cycle (ORC) power systems for the conversion of renewable and waste thermal energy is undergoing a rapid growth and is estimated to be approx. 2000 MW e considering only installations that went into operation after 1995. The potential for the conversion of the thermal power coming from liquiddominated geothermal reservoirs, waste heat from primary engines or industrial processes, biomass combustion, and concentrated solar radiation into electricity is arguably enormous. ORC technology is possibly the most flexible in terms of capacity and temperature level and is currently often the only applicable technology for the conversion of external thermal energy sources. In addition, ORC power systems are suitable for the cogeneration of heating and/or cooling, another advantage in the framework of distributed power generation. Related research and development is therefore very lively. These considerations motivated the effort documented in this article, aimed at providing consistent information about the evolution, state, and future of this power conversion technology. First, basic theoretical elements on the thermodynamic cycle, working fluid, and design aspects are illustrated, together with an evaluation of the advantages and disadvantages in comparison to competing technologies. An overview of the long history of the development of ORC power systems follows, in order to place the more recent evolution into perspective. Then, a compendium of the many aspects of the state of the art is illustrated: the solutions currently adopted in commercial plants and the main-stream applications, including information about exemplary installations. A classification and terminology for ORC power plants are proposed. An outlook on the many research and development activities is provided, whereby information on new high-impact applications, such as automotive heat recovery is included. Possible directions of future developments are highlighted, ranging from efforts targeting volume-produced stationary and mobile mini-ORC systems with a power output of few kW e , up to large MW e base-load ORC plants.