In this study an investigation of Turkey's overall industrial waste heat potential is conducted, and possible power and hydrogen conversion technologies are considered to produce useful energy such as power and hydrogen. The annual total industrial waste heat was has a 71 PJ in 2019 and is expected to double by 2050. The temperature range of the waste heat differs by sector at a large range of 50 °C–1000 °C. Absorption power cycle (APC), Organic Rankine Cycle (ORC), Steam Rankine cycle (SRC) and Gas Turbine (GT) systems are adapted for power production based on the waste heat temperature while electrochemical and electro-thermochemical hydrogen production systems are adapted for hydrogen generation. Proton Exchange Membrane, Alkaline, and high temperature steam electrolysis methods are selected for pure electrochemical conversion technologies and Hybrid Sulfur (HyS), Copper Chlorine (CuCl), Calcium–Bromine (CaBr), and Magnesium Chlorine (MgCl) cycles are utilized as hybrid thermochemical technologies. Many cases are formed, and best temperature matching power-hydrogen system couples are selected. It is possible to produce enough hydrogen to compensate up to 480 million m3 natural gas equivalents of hydrogen annually with selected technologies which corresponds to ~5% of residential natural gas consumption in Turkey. Economic analysis reveals that lowest hydrogen generation cost belongs to the GT-HyS system. When hydrogen is used for heating applications by a certain mixture fraction to NG pipelines, it may reduce more than 720 thousand tons of CO2 reduction annually due to natural gas use.