In order to recover the low grade waste heat and increase system fuel economy for main engine 10S90ME-C9.2-TII(part load, exhaust gas bypass) installed on a 10000 TEU container ship, a non-cogeneration and single-pressure type of waste heat recovery system based on organic Rankine cycle is proposed. Organic compound candidates appropriate to the system are analyzed and selected. Thermodynamic model of the whole system and thermoeconomic optimization are performed. The saturated organic compound vapor mass flow rate, net electric power output, pinch point, thermal efficiency and exergy efficiency varied with different evaporating temperature are thermodynamically analyzed. The results of thermodynamic and thermoeconomic optimization indicate that the most appropriate organic compound candidate is R141b due to its highest exergy efficiency, biggest unit cost benefit and shortest payback time.