Iron and steel industry is a typical energy intensive industry. On account of this, it is an important task for the iron and steel industry to obtain an obvious effect from energy conservation in the aspects of energy saving technology renovation and intensifying management. In this study, a project of coke dry quenching (CDQ) and utilization of its waste heat for electricity is used as a case to reveal the improved efficiency of energy and CO2 emission reductions. The analyses are conducted based on using the ACM0012 methodology of Clean Development Mechanism(CDM).It is found that the expected annual power generation is 163,200 MWh, which meets 12% electricity needs of the owner. The project will displace an equivalent amount of annual power currently drawn from the grid, leading to emission reductions of approximately 168,145 tons CO2 equivalent annually.