The utility model discloses a power generation system capable of utilizing raw coke oven gas sensible heat and waste flue gas waste heat in a combined mode. The power generation system comprises a flue gas system, a vapor water system and a waste heat boiler system, wherein the waste heat boiler system is connected with the flue gas system and the vapor water system respectively; and the vapor water system is connected with a turbine generator system and drives the generator to generate power. The technical limitations of independent recycling of the conventional two waste heat resources are broken through, the utilization values and paths of low-pressure saturated steam generated by the waste heat flue gas are improved, the problems of water leakage, tar condensation, blockage of an ascending pipe and the like in the process of recycling the raw coke oven gas sensible heat are well solved, and the utilization efficiency and economic values of coke oven waste heat resources are greatly improved.