The utility model discloses a power generating system capable of realizing two-stage organic Rankine cycle utilization of exhaust heat of an internal combustion turbine. The power generating system comprises a gas compressor (1), a gas turbine (3), a high-temperature steam turbine (11), a low-temperature steam turbine (15) and a power generator (18), wherein the gas compressor (1) is connected with a combustion chamber (2) by virtue of a pipeline; the combustion chamber (2) is connected with the gas turbine (3) by virtue of a pipeline; the gas turbine (3) is connected with a waste heat boiler (4) by virtue of a glue gas pipeline; the waste heat boiler (4) is connected with the high-temperature steam turbine (11) by virtue of a high-temperature organic Rankine cycle system (19) and is connected with the low-temperature steam turbine (15) by virtue of a low-temperature organic Rankine cycle system (20). By virtue of coordinate application of the high-temperature organic Rankine cycle system and the low-temperature organic Rankine cycle system, gradient utilization of the exhaust heat of the internal combustion turbine is realized.