A combined heat and power cycle system includes a heat generation system having at least two separate heat sources having different temperatures. The combined heat and power cycle system includes a first rankine cycle system coupled to a first heat source among the at least two separate heat sources and configured to circulate a first working fluid. A second rankine cycle system is coupled to at least one second heat source among the at least two separate heat sources and configured to circulate a second working fluid. The first and second working fluids are circulatable in heat exchange relationship through a cascaded heat exchange unit for condensation of the first working fluid in the first rankine cycle system and evaporation of the second working fluid in the second rankine cycle system. At least one heat exchanger is disposed at one or more locations in the first rankine cycle system, second rankine cycle system, or combinations thereof.