As energy crisis become increasingly prominent, the energy consumption has became the main problem which restricts the sustainable development of China's iron & steel industry. the recovery and utilization of different kinds of waste heat can effectively reduce energy consumption, the research of the scientifical recovery and utilization of waste heat become very important. The current situation and status of recovery and utilization of waste heat in the China's iron & steel industry will be analysed from some aspects such as the quality and the source process of waste heat, Based on them the potential and develop directions will be pointed out, combining with the analysis of the basic principle using energy scientifically, the mode of the recovery and utilization of waste heat is given, it is hoped that it can promote the scientifical and rapid development of recovery and utilization of waste heat of China's iron & steel industry.