To solve the problems of low-utilization rate of waste heat and production instability in sintering waste heat recovery, the sintering waste heat recovery system of a steel plant was studied by adopting exergy analysis method, the exergy efficiency model was established for the operational efficiency evaluation system, and the exergy efficiency of the system under different operating conditions were analyzed, based on which the exergy efficiency optimization model was established and solved by particle swarm algorithm. The set value of steam conditions was dynamically adjuseted according to the waste heat resources in different entrances, thus increasing the system adaptability to changing environmental conditions. Simulation results based on industrial data show that the dynamic optimization method can improve the exergy efficiency of sintering waste heat recovery system by 4% to 11%.