It is important to use the waste heat efficiently for energy saving. An absorption cycle is efficient as the thermal utilizing equipment of the waste heat. In order to improve the performance of absorption cycle for the various operating conditions, it is important to analyze the exergy loss in each component and evaluate not only the quantity but also the quality of heat flow. In this paper, an exergy analysis of the single- and double-effect LiBr-water absorption refrigerating cycles whose heat source are a saturated steam at the pressure of 800 kPa is carried out, and the exergy loss in each component is obtained. As a result, it is shown that the exergy coefficients and COP of the single-effect absorption cycle are about 17% and 80 %, and those of the double-effect cycle are about 30 and 140 %, respectively.