A waste heat recovery system is for use with a power unit that includes an internal combustion engine. The waste heat recovery system includes a Rankine cycle device in which working fluid circulates through a pump, a boiler, an expander and then through a condenser, heat exchange occurs in the boiler between the working fluid and intake fluid that is introduced into the internal combustion engine while being cooled, a determination device for determining required cooling load for the intake fluid, a pressure reducing device for reducing evaporation pressure in the Rankine cycle device, and a controller for controlling the pressure reducing device so as to reduce the evaporation pressure below a predetermined evaporation pressure if the required cooling load determined by the determination device exceeds a threshold.