During operation, converter valves continuously generate a large amount of waste heat, which is currently usually removed by a valve cooling system for temperature reduction; however, because the return-water temperature of converter valves is generally low, the waste heat is of insufficient grade, making it difficult to achieve efficient recovery and cascade utilization of low-grade thermal energy and thereby causing energy waste. To address this issue, this paper proposes a novel comprehensive utilization system for converter-valve waste heat based on heat pump technology. The proposed system recovers the waste heat of converter valves through a heat pump cycle, thereby achieving both heat recovery and heat-grade upgrading, and further drives an absorption system for cooling and heating, so as to realize converter-valve cooling and waste-heat utilization. Multi-scenario simulation analysis is carried out on the MATLAB simulation platform, and the results show that, compared with conventional waste-heat utilization systems, the proposed combined cooling and heating system exhibits superior overall performance, with the annual comprehensive energy efficiency ratio improved by more than 40%. In winter, the system can recover 15–20 MW of waste heat, with a heating COP higher than 4.5; in summer, it can provide 2000 kW of 7 °C chilled water while reducing the water consumption of the cooling tower by 30%. The proposed system can effectively meet the cooling and heating demands of areas such as valve halls and significantly enhance the utilization level of converter-valve waste heat.