Abstract: This paper summarized the methods that analyze energy utilizing in metallurgical production and broke them down into two categories, thus combined the advantages of the two to propose a new analytical method that consists of both heat balance and exergy analysis for energy recycling. Afterwards, practical production data from a certain steel plant and relative factors were employed to establish an analytical model of waste energy recycling. At last, based on the model, the theoretical lowest energy consumption for each process was brought up, and energy saving capacity of each was analyzed.