The organic Rankine cycle (ORC) is a promising power generation cycle to fully utilize the cold energy of liquid natural gas (LNG). ORC is usually operated under variable working conditions, and the operation performance is significantly worse than under design conditions. In this paper, a novel composition-tunable zeotropic ORC using LNG cold energybased liquid-separation condenser is proposed and a thermodynamic optimization model is formulated. A case study is then conducted to validate the superiority of the proposed ORC and analyze the important operation parameters to explore the reasons for the performance advantages of the novel system. The results show that the novel ORC has a higher evaporation temperature, lower condensation temperature, lower condensation pressure, and lower pinch point temperature difference than the basic ORC. The exergy loss of the condenser is reduced, and the exergy efficiency is improved. The novel ORC features 2.86% higher annual average net power output, 2.47% higher annual average thermal efficiency, 2.85% higher annual utilization efficiency of cold energy, and 2.76% higher annual exergy efficiency of cold energy recovery than the basic ORC.