A thermal power plant works on Rankine cycle. In this paper a case study of thermodynamic analysis of Rankine cycle has been chosen to enhance the efficiency of the existing thermal power plant in a steel industry. The practical Rankine cycle efficiency has been analyzed based on the existing value, and theoretical investigation for the improvement of the existing efficiency. A numerical calculation approach is used for improvement of the efficiency by considering the different improvement methods such as reheating, combination of reheating and regeneration of the cycle and other factors, based on the obtained results. From the calculation, suitable improvement method can be adopted in the thermal power plant for better efficiency.