Certain aspects of natural gas liquid fractionation plant waste heat conversion to simultaneous power and cooling capacities using modified Goswami system can be implemented as a system. The system includes a waste heat recovery heat exchanger configured to heat a buffer fluid stream by exchange with a heat source in a natural gas liquid fractionation plant. The system includes a modified Goswami cycle energy conversion system including one or more first energy conversion system heat exchangers configured to heat a working fluid by exchange with the heated buffer fluid stream, a separator configured to receive the heated working fluid and to output a vapor stream of the working fluid and the liquid stream of the working fluid, a turbine and a generator, wherein the turbine and generator are configured to generate power by expansion of a first portion of the vapor stream of the working fluid, and a cooling subsystem including a cooling element configured to cool a process fluid stream from the natural gas liquid fractionation plant by exchange with a condensed second portion of the vapor stream of the working fluid.