For the heat loss of frequency converter in 50KW class medium-frequency electron magnetic induction steam generator system, this study explored a new solution for inverter cooling and waste heat recovery, which solved the problem of coolant temperature rise while replacing the cooling water, meanwhile recovered part of the waste heat for re-production. The heat dissipation of the power device is simulated to analyze the rationality of the heat dissipation system structure, and the thermal resistance equivalent circuit is established to realize the accurate calculation of the temperature at each point in the system. Experimental research under different environmental temperatures, power, and total cooling water conditions has been done to test and verify its function, the findings show that the designed heat dissipation system for the medium frequency induction heating power supply device works well, which makes the temperature of all pivotal devices converge to normal operating temperature range and increases the energy efficiency of the system by about 4%. The proposed cooling scheme is suitable for promotion in heating projects with high power equipment.