As the earth’s global temperature is increasing continuously at the rate of 0.15 to 0.20°C per decade due to the releasing of waste heat primarily from various industrial sources directly into the environment, the requirement of refrigeration and air-conditioning is increasing rapidly. The advantage of utilizing waste heat to obtain refrigeration effect is twofold in nature, as it restricts the release of comparatively high grade heat at higher temperature to the atmosphere, and employs the same to obtain cooling effect. The present study focuses on the performance of a double bed activated carbon-ammonia pair adsorption refrigeration system with heat recovery, by employing a time-independent thermodynamic cycle analysis. The cycle can be driven by relatively low grade waste heat at approximate temperature range of 80-300 ℃. In order to obtain the specific cooling effect (𝑆𝐶𝐸) and coefficient of performance (𝐶𝑂𝑃) for two bed ammonia-activated carbon adsorption refrigeration system with heat recovery, a thermodynamic cycle analysis tool is developed, and the performance of the system is analyzed under the influences of various operating conditions applied to different grades of activated carbon particle. The performance of the refrigeration system with heat recovery is compared with that without heat recovery. Simulations have been conducted over minimum adsorption temperature range of 20-40℃ and maximum desorption temperature range of 137-217℃. Isosteric heat of adsorption is estimated using the Clausius-Clapeyron equation. The Dubinin-Radushkevich and Dubinin-Astakhov adsorption isotherm models have been used to correlate adsorption isotherm data and to plot the temperature-pressure- concentration (P-T-W) diagrams of the assorted pairs. Results are compared with different types of activated carbon particle. Heat recovery have is achieved by using thermal wave cycle, where a single heat transfer fluid (HTF) is circulated through the adsorber, heat source, desorber, and heat sink in a close loop. The theoretical analysis shows that the heat recovery improves the 𝐶𝑂𝑃 of the double bed adsorption refrigeration system by more than 65%, while impairing the 𝑆𝐶𝐸 marginally (~5%).