This paper presents a thermodynamic performance analysis of turbine-bleeding organic Rankine cycle (ORC) with and without regeneration using internal heat exchanger based on the first and second thermodynamic laws for the recovery of low-grade finite heat source. The effects of the important system parameters including turbine bleeding pressure, turbine inlet pressure, and working fluid on the system performance were intensively investigated. Results showed that there exists an optimum turbine bleeding pressure for the maximum second-law efficiency. The system performance under the optimal condition is significantly influenced by the turbine inlet pressure, regeneration, and working fluid. The greatest exergy destruction of the system varies depending on the system parameters.