The invention discloses a method and a device for power generation by utilizing steam generated from waste heat of a steel mill in a cascade mode. The device comprises a chimney, a main shaft fan, a sintering machine, a cooling machine, a large flue of the sintering machine, a machine tail flue gas superheater of the sintering machine, a machine tail flue gas preheater of the sintering machine, adeaerator, a feed pump, a waste heat boiler of the cooling machine, a steam turbine, a generator, a condenser, a condensate pump, a circulating fan and the like. Through three process steps of preheating condensed water of the steam turbine by utilizing the preheater in machine tail flue gas of the sintering machine, generating intermediate-temperature steam by heating the waste heat boiler of the cooling machine, heating the intermediate-temperature steam further through the machine tail flue gas superheater of the sintering machine to generate high-temperature steam and the like, the power generation is performed by utilizing the steam generated from the flue gas waste heat of a sintering machine plant fully. The power generation is performed by utilizing the steam generated from the heat of the machine tail flue gas of the sintering machine and the flue gas of the cooling machine of the steel mill, so the quality of the generated steam is improved greatly and meets the requirement of waste heat generation, and a process flow is simple.